Frequently Asked Questions
Who is Better Retirement Group?
Billy Burrows and Tim Eadon established launched this specialist annuity and drawdown advisory firm in 2009. Billy has traded as William Burrows Annuities since
leaving Prudential in 2001 where he was marketing director for annuities. He regularly features in the national media commenting, writing or speaking about annuities.
Tim is a Chartered Financial Planner and started in financial services in 1995 having spent many years working in the leisure industry. He has held many senior
posts including CEO of the Personal Finance Society in 2006, the foremost professional body for financial advisers in the UK
Is Better Retirement Group regulated by the FSA?
Yes, Better Retirement Group is regulated by the Financial Services Authority. FSA Firm registration number: 153420
What is an annuity?
An Annuity is an investment that guarantees to pay a secure income for the rest of your life, no matter how long you live. When you purchase an annuity you exchange
a capital lump sum for the peace of mind and security of a guaranteed income for life. Annuities can be purchased from pensions funds or private capital.
Why do I have to buy an annuity?
Your contributions to pension plans get tax relief and in return your pension pot must provide an pension income when you retire. An annuity is the policy that
actually pays your pension income.
What is the "Open Market Option"?
The annuity market is very competitive and the rates differ between companies. You can substantially increase your pension income by purchasing your annuity from
the company which pays the most income. This is called "Exercising the Open Market Option". It costs nothing to take advantage of this option and new rules introduced
recently by the FSA means that insurance company must tell you about this option. Check out the best annuity rates using our online annuity calculator.
How do I get the best annuity quotation?
Simply contact us and will provide you with a range of quotations from the leading providers.
How are annuities priced?
When pricing annuities insurance companies take the following factors into account: the expected life expectancy of the annuitant, the yields on fixed interest
investments, expenses and profit margins. Annuities are very sensitive to changes in investment yields so when yields change, annuities will change as well.
If I am in poor health can I get a higher annuity?
Those with poor health or have below average life expectancy can apply for an enhanced or impaired life annuity.
What is the cost of arranging an annuity?
There is be no charge or commitment when you first contact us. We work on either a commission or fee basis depending on your circumstances. We will provide you
with our terms of business and provide an estimate of the commission or our fees before we start any chargeable work.
What tax do I pay on my annuity?
Annuities are normally quoted gross but paid net of tax. The amount of tax is calculated using your tax code. If you are liable for higher rate tax this will taxed
How safe is an annuity?
The payments from standard annuities are guaranteed as long as the company is solvent. If an insurance company was to be declared insolvent and unable to pay your
annuity, you would be covered by the The Financial Services Compensation Scheme (FSCS). The amount of compensation is 100% of the first £2,000 plus 90% of the remainder
of the claim. Policyholder protection is triggered if an authorised insurer is unable, or likely to be unable, to meet claims against it, for example if it has
been placed in provisional liquidation.