People can receive almost £21,000 more income, assuming a 20-year retirement, if they receive an enhanced annuity, Partnership has claimed.
While about 65 per cent of people may be eligible for enhanced annuities, the perceived complexity of sourcing a quote and reluctance to divulge private information was often seen as a barrier prior to the introduction of the pension freedoms.
However, a poll of almost 1,500 people between the ages of 40 and 70 in February and March this year, suggests this is not necessarily correct.
About 64 per cent of those polled by Partnership said they would be more than happy to disclose a wide range of personal, financial and lifestyle data if it helped them gain a better understanding of how long their retirement might be.
Of those who were reluctant, 17 per cent said they would not be keen on providing personal medical history, 16 per cent would not share their salary and 15 per cent did not feel that they wanted to divulge their hobbies and social relationships.
Mental health (15 per cent) and family medical history (14 per cent) were also topics people would rather not discuss.
A typical income for a £100,000 pension pot used to purchase a single-life level term annuity would generate £5,400 a year for the average healthy person and £107,998 over 20-years, Partnership calculated.
However, those with high blood pressure can expect £5,709 a year and £6,185 more over 20-years, while the obese will get £5,667 a year, or £113,340 across 20-years, and diabetics get £6,038 a year, or £120,754 across 20-years; £12,756 more than a healthy person.
Those with high cholesterol get £5,899 a year, anyone with chronic respiratory disease can expect £5,959 a year, smokers muster £6,448 a year, people with angina are due £5,990 a year and heart attack survivors get £6,350 a year.
Prostate cancer survivors get £5,945 a year and those with atrial fibrillation or abnormal heart rhythm get £5,802 a year.
Mark Stopard, head of product development at Partnership, added: “Many of the most common conditions that we underwrite for can be relatively minor and managed with medication but can make a real difference to the amount of income someone receives.”
emma.hughes@ft.com
