Enhanced Annuities

We often find ourselves helping clients who need a guaranteed level of income for the rest of their lives. In the UK, there is an active annuity market where competitive rates are available based upon individual circumstances.

Annuities like these are primarily designed to provide a guaranteed income stream, often for people who are retired who want to ensure that they will outlive their savings.

We were recently recommended to help someone who was going through a divorce in later life. This is clearly a very difficult and traumatic time, but having met the client and discussed the situation, it became apparent that the divorce's financial settlement was subject to a “pension sharing order”. 

Both parties were fully retired, and the sharing order was to be sourced from a defined benefit scheme in payment.

During the conversations with the client, it became clear that an annuity was the best course of action and, furthermore, Andrew discovered that an enhanced annuity due to medical conditions could be a possibility. 

The client completed an in-depth medical questionnaire which enabled the underwriters at the annuity companies to award an enhanced annuity, thereby guaranteeing an increased level of income. 

Andrew spent time with the client to design the annuity around her own personal requirements to ensure that the client receives the best level of income to suit her own requirements.