Andrew Tully, Pensions Technical Director at
retirement income provider MGM Advantage, has called on the
industry to “work hard” to ensure consumers are made aware of all
their retirement options.
Tully’s comments come after 60%of people aged
55 and over in the UK have received medical treatment for
conditions which would qualify them for an enhanced annuity, and
yet 72% said they were unaware that certain lifestyle or medical
conditions could qualify them for a better retirement
income.
Tully 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.”
Enhanced annuities factor in medical and
lifestyle conditions when calculating the rate of income available
and, according to MGM Advantage, the difference between standard
and enhanced rates can be significant.
