Enhanced Annuities

If you have MS and have any form of Personal Pension you may be eligible for an Enhanced Annuity when you retire. This will increase the level of income you receive from your pension.

What is an Enhanced Annuity?

Normally when a client with a Personal Pension retires they simply take an income (annuity) from whichever insurance company provided their Personal Pension.

What they often don’t realise is, they can take advantage of an Open Market Option facility that allows them to shop around for a better deal (annuity) at no extra cost.

An ‘advantage’ of being ill is that you may also be eligible to purchase an Enhanced Annuity that will boost your income even further. An Enhanced Annuity pays more income than a standard annuity as it takes into account the clients perceived shorter life expectancy.

Do all insurance companies offer Enhanced Annuities?

No, there’s only a small number of companies that offer the service.

How much difference will it make?

The actual difference varies on an individual basis however it is not uncommon to receive an extra income of between 10% and 25%, even more in certain circumstances.

Case Studies

John, a diabetic with heart problems approached The Insurance Surgery as he neared his 65th birthday. He was considering drawing his personal pension and wanted quotations to see the level of income he would receive from an impaired life annuity.

After taking some basic medical details from John they were able to provide him with a firm quotation within a week.

The quotations ranged from an annual income of £6805 to £7808 a difference of over £1000 per year (based on a fund of £94880).

Derek, had suffered a heart attack and could no longer work as a bricklayer. He approached his personal pension provider who offered him an income of £780pa (based on a fund size of £11082). By using The Insurance Surgery Derek increased his level of income by over 25% to £969 pa.

How can The Insurance Surgery help?

The Insurance Surgery can supply you with quotations on Enhanced Annuities from all the leading insurance companies involved in the market by simply completing their online form click below for a quote.

• Enhanced Annuities (click for quote)

The MSRC receives a donation from each policy sold by The Insurance Surgery to  help us continue our support of anyone affected by Multiple Sclerosis.

The Insurance Surgery Limited is authorised and regulated by the Financial Services Authority (FSA registration number 401425). The FSA does not regulate some aspects of protection. The Insurance Surgery Limited, registered in England No. 5137288 Registered Office: Wood Street Mill, 45 Pickford Street, Macclesfield, Cheshire, SK11 6HB. Telephone 0800 083 2829

© Multiple Sclerosis Resource Centre (MSRC)