High Blood Pressure sufferers most unaware of potential cash uplift in pensions

Thursday, 07 June 2012

Partnership, a UK’s leading enhanced annuity provider, has revealed the top five conditions for which it pays out an increased income in retirement through an enhanced annuity.

The research shows that people who have suffered diabetes, a stroke or cancer are most aware that they can increase their retirement income, whilst those that are living with COPD and high blood pressure are least aware.

Nigel Barlow, Partnership, said: “Although take-up of enhanced annuities is increasing, there is still a lack of understanding as to what conditions are entitled to an enhancement. Partnership’s data would indicate that people wrongly assume that the condition needs to be ‘life threatening’ to qualify, it probably also shows that people with less severe conditions are still not volunteering this to their financial adviser.”

Often the diagnosis of a serious medical condition is a time when clients contact their advisers, however, it is wrong to assume that a client that has not raised any medical conditions is entirely healthy. Advisers should be asking clients about their medical history during initial discussions, and stressing to them that declaring all conditions could result in a better retirement income. Too many retirees are averse to declaring their full medical circumstances, often incorrectly believing it will result in a negative outcome.”