This is a brief guide to the best UK annuity rates. First we have standard annuity rates. These apply if you’re considered fit and healthy and you’re not a smoker, with the opportunity for higher rates for lifestyle issues, and where you live. We could find you annuity rates 20% higher than those from your existing pension provider. Then we have smoker annuity rates, which apply if you’re fit and healthy and also a smoker; with annuity rates varying depending on how much you smoke. These rates could be up to 20% higher than standard annuity rates; and even higher if you also have ill health.
Next on the list of UK annuity rates is enhanced annuity rates. These apply if you suffer from ill health, whether you’re a smoker or not; with much higher annuity rates for those more severe, possibly life threatening, medical conditions. These annuity rates could be up to 30% higher than standard rates, or possibly even more. In addition to this we have lifestyle issues which can effect annuity rates; whether you smoke, if you’re overweight and by how much, how much alcohol you consume, and what your previous occupation was whilst at work. Annuity rates could be around 20% higher, depending on the different issues involved.
We also now have postcoded annuity rates, postcode annuities, so now where you live can make a difference to the rates you’re offered. Postcode annuities result in those living in less wealthy areas getting higher rates than those living in more prosperous areas. These postcode rates could be 5% – 10% higher than standard annuity rates. More and more people are now eligible for these higher annuity rates. Various factors effect annuity rates offered. The more factors that apply the higher the annuity rates will be. Check if you’re eligible, because higher rates could be the best annuity rates for you, and could give a real boost to your retirement income.