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But First, What is a Pension Annuity?
ANNUITY BASICS EXPLAINED
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This site is designed for those at or approaching retirement.
An annuity is an arrangement where you make a lump-sum investment. From this investment you receive a guaranteed level of income. Most annuities are bought using funds held in money purchase pension schemes.
Basically, an annuity converts a savings fund into income and that income will be paid to you for the rest of your life - although it is possible to select a fixed period if purchasing an annuity with cash rather than pension funds.
When your pension fund reaches maturity, your pension provider will advise you of the fund value, and general information about annuities and the level of annuity income you would receive.
You are then entitled to use your Open Market Option, which allows you to transfer the fund value to another annuity provider of your choice. This enables you to take advantage of a higher annuity income which may be available from a different provider. You're normally entitled to take up to 25% of your pension fund as tax-free cash.
Open Market Option and Enhanced Annuity Ignorance
WHY MANY RETIREES IGNORE A MUCH BIGGER INCOME
Many who are about to retire get a raw deal due to their ignorance of not only the open market option but also their possible eligibility for an enhanced annuity. The reason why enhanced annuities pay more than basic annuities is because those that are in better health tend to live longer than the average. The annuity providers therefore have to pay out more over the healthier people's retirement lifetime so the yearly income is usually lower.
Enhanced annuity rates can be worth considerably more, and that it is estimated that up to 40% of people qualify.
Can you answer yes to any of the following questions?
If so, then you should definitely enquire about an enhanced annuity.
Some retirees may regard themselves as relatively fit and therefore not be eligible for an enhanced annuity, but the reality is often different. Some think they have to suffer from a serious medical condition such as cancer, heart disease or stroke to receive extra income in retirement - this is not always the case. A seemingly minor condition or complaint may significantly increase your annual retirement income.
In fact, if you have one of nearly 1500 health conditions, such as a digestive complaint, being overweight, high cholesterol, asthma, high blood pressure, diabetes, heart problems etc., you may qualify for higher rates. There are also many alternatives to annuities that can increase a pension pot.
Annuities for Smokers
YOUR LIFESPAN AS A SMOKER AND YOUR OPTIONS
If you're a smoker, annuity providers factor in that you're likely to die sooner than the average non-smoker. They therefore assume that they'll not be paying you your annual income for as long. A presumed shorter lifespan means that being a smoker can increase the amount of income you receive from your annuity.
As a smoker, you may already be entitled to receive a higher pension income, but also, dependent on your age, you may receive even further enhanced rates above the standard level annuity rates.
In the case of enhanced annuities it can actually pay to be older and in poor health!
An Annuity Planner Can Increase Your Income
PLANNING FOR HIGHER RETURNS
An annuity planner may be able to secure several thousand pounds more for you from annuity providers other than your pension provider. Many retirees are unaware of this very important information. The more information you have the more able you will be to recognise the best advice when you receive it.This site is purely here to aid your understanding about annuities. It is important that you do not use this information in isolation. You are very strongly advised to take professional advice before buying an annuity and you can then choose the best annuity scheme that suits you.
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