Saga Annuity Service
Annuity selection process
Saga Annuity service not only will help you to find the best rate annuity and advise you on the most suitable option. We will also ensure that the application process is smooth and as quick as possible so you don't loose out on your retirement income. Please see below a brief guide to the steps your application will go through.
Stage 1 – Start
We start the process by having initial conversation with you on the phone to determine what type of retirement option you are looking for. If annuity is the suitable option we send you a short information form which you will fill in, sign and return to us. We will then send you a letter confirming that we have received it and advising you of the next stage.
Stage 2 – Gathering information
We gather all details relating to your existing pension plans from your pension provider, for example fund values and any terms and conditions. This allows us to give you advice about the options available under the plan rules and find the best annuity rates for you. This part of the process can take a few weeks as we are relying on your pension providers to supply relevant information. But don't worry, we regulary speak to providers to ensure that we get the information in reasonable time.
Stage 3 – Advice
Once we have received and analysed the necessary information, a specialist annuity consultant will telephone you to find out more about you and your circumstances, so that they can advise you.
Stage 4 – Recommendation
Based on the information you give us, we research the marketplace to find the best annuity for you, then send you our recommendations with the necessary illustrations and application forms for you to complete.
Stage 5 – Application
Once we have received your completed application forms, we will arrange for your pension funds to be transferred to your new annuity provider.
Stage 6 – Tax–free cash
We send you details on your final income and tax free cash payable to you. If you decide to take tax free cash from your pension it will take up to 10 working days to transfer it to you from the date of out letter. We will confirm the start date of your annuity and the exact amount of your annuity income.
Stage 7 – Finish
You will receive your policy documents.