What are Enhanced Annuities?
Enhanced annuities work in the same way as a standard pension annuity but take into account your lifestyle and health conditions and should you qualify will provide you with more income for the rest of your life than a standard pension annuity would provide. The structure of the enhanced annuity is the same as a standard pension annuity:
- It is designed to provide you with an income and is payable for the rest of your life as a minimum.
- The funds that you have saved into your pension fund are used to purchase enhanced annuities either from your existing pension company or a new pension provider.
The amount you receive as an income is dependent on:
- The amount you have in your pension funds
- Your age
- The annuity rate at the time of purchase
The rates offered by different companies can vary significantly and using your open market option to let someone such as ourselves shop for the best enhanced annuity rate makes sense.
There are many conditions that can result in an enhanced annuity rate so contact us to find out if you could qualify.