Do you know; are you eligible for impaired life or enhanced annuity rates? Do you suffer from a medical condition, have you suffered some form of ill health in the past, or are you a smoker? If so, you may qualify for a higher annuity rate. This is because annuity providers (insurance companies) look at life expectancy when calculating their annuity rates. The pension company you are saving your pension fund with will probably apply a standard rate if you roll your pension fund into a retirement income from them, so if any of the above apply to you it is important that you to shop around to get a better, enhanced annuity rate. It could add 20% or even more to your income in retirement.
Would you believe it; over 40% of the retiring population in the UK qualify for enhanced annuity rates but very few actually apply for them, missing out on a potentially higher and valuable income. You do not have to be seriously ill to qualify for these enhanced rates, and if you think you may be eligible take a look around this website to get a clearer picture of what level of income you might be eligible for. Depending on the severity of any ill health there could be a substantial additional income just waiting for you.
