Annuity Rates

There is a wide variation in the annuity rates available. Find the best annuity rates and you could give your retirement income a major boost. It’s possible you could be 30% better off, which could mean thousands of pounds more income during your retirement. 

Getting the best annuity rates

Individual underwriting for annuity rates 

Annuity rates are based on an increasing number of factors:

■ your age;

■ your gender;

■ the size of your pension fund;

■ your health. Ill health includes medical condition(s), medication, and any hospitalisation;

■ lifestyle issues. This includes smoking, height, weight, and alcohol consumption;

■ your marital status;

■ your occupation whilst at work;

■ where you live. We now have postcode annuities which are rated on where you live; and

■ the annuity type and the annuity options you select.

A growing number of people are eligible for higher annuity rates

Many factors effect annuity rates, and they’re not just about your age, gender, and the size of your pension fund. More and more people are eligible for higher annuity rates owing to the ever changing eligibility criteria.

The best way to get accurate annuity quotes, advice, and guidance is to contact us, and let one our advisers help you. You might find that you’re eligible for higher annuity rates without realising it. With around 40% of people at retirement being eligible for higher annuity rates, shouldn’t you find out if you qualify.

Don’t just take your annuity from your current pension company

Your current pension company probably isn’t offering you the best deal. Take the time to find out what alternative annuity quotes are available. You’ll very likely find a higher annuity income elsewhere.

Only a few annuity providers offer competitive annuity rates

For the best annuity annuity rates you need look no further than certain well known insurance companies: Aegon Scottish Equitable, Aviva, Canada Life, Legal & General, and Prudential. In addition, there are some smaller specialist firms offering enhanced annuity rates and smoker annuity rates. Details of the companies in the market are on the annuity providers page.

There are different types of annuity rates

Example quotes are shown on each page

Standard annuity rates 

Applicable if you’re fit and healthy and non-smoking. These vary greatly; and our task is to find you a better annuity rate than that offered by your existing pension provider.

Enhanced annuity rates

Higher annuity incomes for people with ill health. Annuity rates up to 30% higher, or possibly more, maybe up to 60%, depending on the severity of any medical condition(s).

Smoker annuity rates

Higher annuity incomes for regular smokers, who are otherwise fit and healthy. Could be called ’smoker only’ rates. Annuity rates up to 20% higher. Smokers with ill health are eligible for higher enhanced annuity rates.

Select the right options

You need the right options as well as the best annuity rates

■ If you have ill health or smoke consider an enhanced annuity rather than a conventional annuity;
■ If you’re married or have dependants consider a joint life annuity or a guarantee period;
■ What about inflation and the effect it can have on your future annuity income?

Additional information about these annuity rates

Standard annuity rates

Even if you’re fit and healthy and a non-smoker, there can be a big variation in the annuity rates available to you. However, to get a clear picture, you really need to piece together the type of annuity you require, along with the right options. Speaking with an adviser can help if you’re not certain about what you want.

Enhanced annuity rates can apply to less serious medical conditions

If you have a medical condition, even if it’s not so serious, you might qualify for enhanced annuity rates. However, the more serious the medical condition, the higher the annuity rates. 

Please contact us if you would like some annuity quotes prepared to find the best annuity rates to match with your personal requirements.