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Enhanced Annuities

Put simply, An enhanced annuity (also known as an impaired life annuity) quite often pays you a higher income as your life expectancy is perceived to be lower. If you are a smoker or have been diagnosed with a medical condition then an enhanced annuity could be the one for you.

If you can answer yes to any of the following questions, the answer might well be yes:

  • Do you regularly smoke cigarettes?
  • Do you take ANY regular medication?
  • Do you have high blood pressure and high cholesterol?
  • Do you suffer from diabetes?
  • Do you suffer from chronic asthma?
  • Do you suffer from or have you ever suffered a serious illness such as cancer, stroke, heart attack, angina or multiple sclerosis?
  • Have you recently undergone major surgery?

If you have answered yes to any of the above questions, let us know. We can check if you qualify for special annuity rates. You may be asked to fill in a simple questionnaire to check whether you will qualify for a higher income.

For an enhanced annuity a medical may be required

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    Why take Drawdown advice?

    The Financial Conduct Authority (FCA) produced a report called the Retirement Outcomes Review (MS16/1.3) in June 2018 which commented on how benefits were being taken since the Pension Freedom and Choice legislation was introduced in April 2015.

    Final Salary Pension Schemes

    This will effect you if you have a deferred Final Salary Pension plan or Defined Benefit Pension. If you are a deferred member, i.e., you have left your employer but the pension is not due for payment until your normal retirement date (65?), your right to a Cash Equivalent Transfer Value (CETV) may be affected.

    Budget 2014 – The key changes for annuities

    Using a Fixed Term Annuity or Drawdown will allow you to access 25% of your fund as a tax free lump sum and leaves the remainder of your benefits to be accessed under the further changes proposed from 2015. Therefore, in the interim, this leaves the door open for your options.