Two-thirds of retirees could get more income: MGM
More than two-thirds of people over the age of 55 are unaware that certain medical conditions could entitle them to a higher pension income, research has found.
A survey of 2086 UK adults, conducted on behalf of retirement income specialist MGM Advantage, found that 60 per cent had received medical treatment for conditions which would qualify them for an enhanced annuity.
However, as much as 72 per cent were unaware the treatment received and their lifestyle conditions could qualify them for a better retirement income.
With 40 per cent of those quizzed experiencing high blood pressure, 33 per cent suffering from high cholesterol and 12 per cent requiring treatment for diabetes, Andrew Tully, pensions technical director at MGM Advantage, called for consumers to become more aware of enhanced annuities.
He said: “With such a high proportion of our retirement nation experiencing medical problems, it is of deep concern that many people remain unaware of enhanced annuities. Despite as many as 70 per cent of retirees potentially qualifying, recent industry data showed that only 2 per cent bought an enhanced annuity in the non-advised market in 2011, which is shocking.
“When you look at the difference in rates, a man, aged 65 with average impairment could receive an extra £8684 income for the first five years of retirement, simply by making the right choice. Which is why, as an industry, we need to work hard to ensure people are made aware of all of their options.”