You are here: Home - Retirement -

Certain medical conditions could entitle you to a higher pension income

0
Written by:
01/06/2012
60% of people aged 55 and over have received medical treatment for conditions which would qualify them for an enhanced annuity, and yet 72% were unaware that certain conditions could qualify them for a better retirement income.

According to retirement income specialist MGM Advantage, 60% of people aged 55 and over have received medical treatment for conditions which would qualify them for an enhanced annuity, and yet 72% were unaware that certain conditions could qualify them for a better retirement income.

Conditions such as high blood pressure, diabetes and high cholesterol could mean an individual qualifies for an enhanced annuity, with as many as 70% of retirees potentially qualifying.

A smoker with high blood pressure would receive £1,000 extra income every year by choosing an enhanced annuity

Andrew Tully, MGM Advantage pensions technical director, said: “With such a high proportion of our retirement nation experiencing medical problems, it is of deep concern that many people remain unaware of enhanced annuities. Despite as many as 70% of retirees potentially qualifying, recent industry data showed that only 2% bought an enhanced annuity in the non-advised market in 2011, which is shocking.

“When you look at the difference in rates, a man, aged 65 with average impairment could receive an extra £8,684 income for the first five years of retirement simply by making the right choice. Which is why, as an industry, we need to work hard to ensure people are made aware of all of their options.”

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2178998-pension
Older people to work longer

A new report has shown that up to half of older people will have to work for years after their...

Close