Is it worth using an IFA for an annuity/pension?

How will you get the commission yourself? Are you under the impression that if you go direct to the provider you will get a better deal? The only way you will "get the commission", as you put it, is to get the IFA to refund it to you. The provider's rep will get it otherwise (if they have a rep - if they don't then the provider keeps it!).

Rob Graham

You'll need to find an "execution only" broker who will refund their commission - unfortunately with annuities there aren't many who will, like there are with unit trusts etc (I guess the commission is a lot lower).

This one claim to give you a refund, but I know nothing about them (only found them by googling "annuity cashback"):

Most IFAs are a waste of space. I would suggest that you see two or three and judge them by their suggestions. Don't pay for their initial consultations. I deduce that you are going to the open market for the best rate. Before you do that, examine very carefully the scheme rules. You may be pleasantly surprised to find that you have a guaranteed annuity rate (GAR) which your insurance company have/haven't noticed and/or neglected to tell you.

I knew this gremlin would jump in here with the results of his nationwide research into the efficacy of IFAs. I mentioned that this might happen in the thread below.

Rob