Enhanced pension annuity rates - get more from your pension savings
Most people do not realise that they could receive more income from their pension annuity if any aspect of their health or lifestyle could reduce their life expectancy. This makes it hugely beneficial to be completely transparent and honest when applying for a pension annuity product.
You don’t need to have a major health complication in order to qualify for an enhanced annuity rate. Indeed, even some minor lifestyle factors such as being a smoker, drinking regularly or being overweight can lead to an increase in the amount of pension income you can receive each year from your annuity.
When selecting your annuity, it is of the utmost importance that you provide as accurate information as possible surrounding your health and lifestyle, otherwise you risk missing out on additional pension income to which you could be entitled.
All pension annuity applications are completely different, with providers judging each case on its individual merits and circumstances. Slight differences in personal conditions could lead to extremely different rates of income – necessitating a comprehensive provision of accurate information prior to the plan commencing.
Whether you require additional immediate income to cover debts or simply wish to make the most of your retirement, enhanced pension annuity rates can free up significant sums.
Factors that could enhance your pension annuity
The lifestyle and medical factors affecting their pension annuity application are numerous and varied. You may be surprised to learn that your lifestyle choice or medical condition could entitle you to a higher rate of pension annuity.
- Lifestyle Factors
- Medical Factors
- ✔How much you smoke or used to smoke
- ✔Your alcohol consumption
- ✔Your weight
- ✔Chronic asthma
- ✔Heart attack
- ✔Kidney failure
- ✔Multiple Sclerosis
Annuity providers may ask for a medical report to check the accuracy of any medical conditions used to qualify for an enhanced annuity rate. It is important, and potentially hugely beneficial, to provide an up-to-date and comprehensive medical report when applying for a pension annuity product.
At Age Partnership, we can help introduce you to pension annuity providers which specialise in providing products for people with your specific conditions and circumstances. This can help you make the most of your pension, releasing a larger percentage of your entitlement every year of your retirement.