Helping Other People - Rhodri

A bit about Rhodri

Rhodri is 62.

He has around £143,000 in his pension pot.
Background

Rhodri wants the security of a guaranteed income (annuity). He also wants his annuity to have at least a 5-year guarantee period – so it’s guaranteed to pay out for at least 5 years after he starts to take it, even if he dies in the meantime.

He’s not bothered about increases and is happy with a level income.
Rhodri's idea

Rhodri’s existing provider can meet all
his needs – or so he thinks.

They’ve given him a quote for an
income of £5,900 a year with a level
annuity, paid monthly in advance, and
guaranteed for 5 years.

Can we do better?
Our guidance

Rhodri asks us if we could help him get a quote with a guarantee of 10 years instead of 5 years. After shopping around, we get Rhodri a quote of £6,315 a year for the same kind of annuity – level, paid monthly in advance, but for a 10-year guarantee.

That’s £415 a year more than Rhodri could have got with his current provider, and with a guarantee period of twice the length.
Fees

The fee for our guidance was covered by commission from the provider, so there was nothing for Rhodri to pay personally.

The result

Thanks to our help, Rhodri gets £415 more a year – and a longer guarantee period – than if he’d stayed with his current provider.

This is a real-life example, but the name and details have been changed.

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