Huge numbers of the population would qualify for an enhanced annuity if they were to declare all their medical and lifestyle conditions when choosing an annuity, which could boost their retirement income by an average of 25%, analysis has found.

The latest figures from Partnership, an enhanced annuity provider, reveal that more than 50 per cent of the UK's retiring population at 65 have a health or lifestyle condition that would qualify them for an enhanced annuity. The extra income they could receive as a result would be on average 25% more than with a conventional annuity.

Typical medical conditions that could qualify include diabetes, cancers and strokes although Partnership underwrites for several hundred different medical conditions.

Andrew Megson, director of retirement at Partnership, said; “When a person is looking to convert their pension into an annuity, they should always declare all current and historic medical and lifestyle conditions as a 25% increase on a standard annuity would be reasonably typical for one of our 65-year old customers and, for severe conditions, could be considerably more.”

Share Story: