Why choose Hodge Lifetime?
Choosing the most appropriate annuity provider
There are a number of factors to consider in selecting the most appropriate annuity provider:
|Factor||Considerations||Why choose Hodge Lifetime?|
|Annuity income||You should consider the annuity providers that pay the highest levels of income for your chosen annuity options.||Hodge Lifetime only writes business on an Open Market Option basis, meaning that wherever possible, we aim to offer the most competitive standard annuity rate, particularly for smaller premium values.|
An annuity is a long term financial obligation for the annuity provider. You need to make sure that your provider will remain in existence to keep paying you your income.
Annuities are covered by the Financial Services Compensation Scheme, meaning that your income is protected in the event that your annuity provider were to fail.
Hodge Life Assurance Company Limited has been rated 'B – strong' by AKG Actuaries and Consultants, who provide ratings for all life offices. You can read their report here: AKG Company Profile & Financial Strength Report 2016
It is authorised and regulated by the Prudential Regulation Authority to ensure that it remains solvent and able to pay its liabilities as they fall due.
|Customer service||We hope that your income will be in payment for many, many years. You therefore need to be confident that you will receive each instalment when its due.||Hodge Lifetime has formed a partnership with Equiniti Paymaster to process our annuity payments. Equiniti's payments business has a 175 year history of making regular payments, and currently processes pension and annuity payments to over 2.2 million pensioners each year.|
|Health or lifestyle factors||If you suffer from ill-health, or have an impaired life expectancy due to other factors (such as smoking) you should ensure that your annuity income reflects this.||
It is likely that Hodge Lifetime will not be the most appropriate annuity provider for you, as we choose to offer only standard annuity rates. Alternative providers which offer impaired, enhanced or smoker annuities are likely to offer you a better deal.
|Inflation protection||If it is important to you that your pension income increases year on year in line with inflation, you should choose an escalating annuity. This means that your income could be much lower in earlier years.||It is likely that Hodge Lifetime will not be the most appropriate annuity provider for you, as we offer only level annuity rates.|