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Snorers get more money in retirement

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A snoring spouse can be the cause for many a sleepless night, but new research shows that there could be a positive monetary side to it too.

According to retirement income specialists MGM Advantage, sufferers of Sleep Apnoea (OSA) – of which heavy snoring is a symptom – can receive extra money in retirement through an enhanced annuity. 

According to the NHS, OSA is a relatively common condition that affects more men than women. In the UK, it is estimated that around 4 in 100 middle-aged men and 2 in 100 middle-aged women have OSA and that 60% of those aged over 65 suffer from it.

The report highlights that for a man this works out at £571.44 extra money each year above the current highest conventional annuity rate available in the market.
Over a typical retirement period of 21 years, this amounts to a £12,000 pension income boost.

Andrew Tully, pensions technical director at MGM Advantage, said: “If you are a snorer, you’re highly unlikely to tell many people but, when thinking about your retirement and purchasing your annuity, it’s something to make very clear.

“Sharing that little bit of information could mean a difference of thousands of pounds of extra retirement income.

“Enhanced annuities take into consideration a wide range of medical and lifestyle conditions. Unusual conditions with subtle symptoms like snoring are eligible, as are far more common conditions like high blood pressure or high cholesterol.

“It really does pay to make your adviser or pension provider aware of any medical or lifestyle condition you may have. The difference between the worst conventional annuity rate and best enhanced annuity rate can be as much as 48%3, which could make a huge difference to your retirement finances.

Other conditions which are likely to attain a higher income through an enhanced annuity are diabetes, angina, high blood pressure and high cholesterol. Smoking can also lead to a greater pension income.


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