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ANNUITIES FAQs

Frequently asked questions and
answers about pension annuities

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Open Market Option

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What Is An Enhanced Annuity?

AnnuitiesYou may regard yourself as relatively healthy and If you suffer, or have suffered, from ill health or are a smoker, you may be able to increase your pension income.

Annuity rates are based on life expectancy. Some annuities, called "Enhanced Annuities" or "Impaired Annuities" pay more than basic annuities, because people in poorer health tend not to live as long as those that are healthier.

The providers therefore have to pay out more over the healthier people's retirement life, so annual income is usually lower for the healthy.

This is why it is very important to report any medical condition, no matter how minor you think it is. It may result in a higher income.

You may regard yourself as relatively healthy and therefore not eligible for an enhanced annuity, but the reality is sometimes different.

Some think they have to suffer from a serious condition such as heart disease, stroke or cancer to receive extra pension income, but this is not always the case.

A seemingly small complaint or condition may increase your retirement income.

In fact, if you suffer from one of approximately two thousand health conditions, such as a digestive complaint, being overweight, high cholesterol, asthma, high blood pressure, diabetes, heart problems etc., please mention this to our team of annuity specialist as you may qualify for a higher annuity. Additionally, higher pension incomes are often achieved by:

• People who have retired from certain types of occupations, especially blue collar workers

• Smokers of 10 or more manufactured cigarettes per day

• Those who live in certain areas of the UK

It is estimated that with over 40 per cent of annuities currently sold, the annuitant could benefit from an enhanced annuity, giving them a higher annuity income for the rest of their lives.

If you believe that you fit into this category, it's important that you tell your annuity broker about it. You will stand a much better chance of a higher income for the remainder of your life. Again, if you smoke, you may also receive further enhancements to your annuity income, as below.

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