Dawn's pension annuity

Client stories

Dawn's pension annuity

By including details of Dawn’s medical history, we increased her pension annuity income by over 50%

Retirement planning advice

We helped Dawn arrange her pension annuity, after having already worked with her for a number of years, managing her personal pension plan.

She had reached the time in life where she felt it was time to stop working. However, she was concerned about taking risk with her pension pot after she stopped working.

This meant that a drawdown pension probably wasn’t the right solution for Dawn. This is because her money would stay invested and the value of her fund would continue to rise and fall over time.

Therefore, we started exploring whether an annuity would provide the income that she needed in order to stop working.
Medical history can improve pension annuity

How your health can effect your annuity

Dawn had recently undergone immunotherapy treatment for Chronic Lymphocytic Leukaemia (CLL).

Serious medical conditions are taken into account when annuity providers calculate the amount of income you can receive from your pension.

Additionally other minor conditions and lifestyle factors – such as BMI, blood pressure, smoker status and alcohol consumption – can also make a difference.

We took care to accurately record as much information about Dawn’s medical history as possible. Then we approached the annuity providers for fully medically underwritten quotes.

The result of this work, was a 54% increase to standard annuity rates for Dawn. Standard rates are those which do not factor in any medical or lifestyle information.

Subsequently, this gave Dawn enough guaranteed lifetime income, and she was able to retire from work as soon as the annuity payments had started.

Pensions are a long-term investment. You may get back less than you put in. Pensions can be and are subject to tax and regulatory change; therefore, the tax treatment of pension benefits can and may change in the future.