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Enhanced Pension Annuity

Enhanced Pension Annuity

Everybody is eligible to shop around for the best pension annuity income they can obtain.

Many people may be able to get a higher pension income known as an enhanced pension annuity by having the whole market searched for them with our enhanced pension annuity auction. There are of course some groups that are better placed to be offered an enhanced pension annuity income.

People in Good Health

Many pension companies rely on you doing nothing about your pension annuity and just accepting what they offer you when you retire. Many pension companies even send you retirement quotations up to 6 months in advance of your retirement to try and get you to make a decision about your pension annuity without searching the market first.

Smokers

If you smoke regularly e.g 10 cigarettes per day, there are enhanced pension annuity companies that offer enhanced pension annuity rates i.e. they may offer you a larger pension annuity income.

Illnesses

If you have a ‘life shortening illness’ or a condition such as heart disease, high blood pressure or high cholesterol problems, there are enhanced pension annuity companies that offer enhanced pension annuity income rates.

Who may not qualify for an Enhanced Pension Annuity?

• Final salary pensions scheme members: If you are a member of a final salary company pension, your annuity pension income is generally quite secure. You are not affected by enhanced pension annuity rate changes and are unlikely to benefit from an enhanced pension annuity auction.
• Guaranteed Annuities: For some, lucky people, they invested in private pensions many years ago that offered a minimum guaranteed pension annuity rate on the day you retire.  Some of these offered guaranteed annuity rates of say 10% - 15% per year as interest rates at the time were much higher than today. You are unlikely to be offered such a high pension annuity rate in an open market auction.  You should check to see if you have a guaranteed pension annuity rate or contact us for advice on enhanced pension annuities.