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.
