You've invested into a pension fund with the aim of providing for your retirement. If you're not in the best of health, it's possible that you may be able to get a higher income through pension annuity with enhanced benefits.
If you or your dependant currently or have previously had a medical condition such as stroke, heart disease, cancer or diabetes, we may be able to offer you a higher income because of the shorter life expectancy of you or your dependant. Not all forms of these conditions will qualify you for enhanced benefits.
Please call us if you want to know if your condition qualifies. We also take into account such things as whether you smoke, height and weight.
This case study is fictitious and is intended for illustrative purposes only.
Peter is 59 and recently had a heart attack. He works as a plumber and had intended to work until he was 65. However, after his recent stay in hospital, he decided to retire early and spend more time with his family. His mortgage is paid off, but he still needs an income, so it makes sense for him to take his retirement benefits now.
Peter found a financial adviser and talked about all the options available to him. He had assumed that his heart attack would mean that he would get a smaller income, so he was surprised to learn that his medical condition actually means he qualifies for an annuity with enhanced benefits.
His financial adviser explained that Peter's income will be higher with the enhanced benefits because his health problems could have an impact on how long he's going to live.
Peter decides to go ahead and use his pension fund to buy an annuity with enhanced benefits.
We strongly recommend that you speak to a financial adviser before you make any changes. If you want financial advice, please contact your Financial Adviser. If you don't have a Financial Adviser you can find one via www.unbiased.co.uk.
If you have any queries or need information about our retirement products, talk to a member of our team by calling 0800 256 5442.
You can find a list of the medical conditions we consider for enhanced benefits in the Enhanced Pension Annuity conditions list (PDF 70KB) (PDF 70KB).
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