Who else is enjoying an enhanced retirement?
These case studies are not based on real life cases, and are for illustration purposes only as at November 2012. Actual annuity amounts payable will depend on individual circumstances.
John
John is 65 and received an annuity quote from his current pension provider offering a level yearly income of £2,836. He contacted LV= to enquire about an enhanced annuity. He told us that he is a regular smoker and had a £50,000 pension fund. As a result, we were able to offer John a level yearly income of £3,276.
After further conversations it transpired that John also suffers from high blood pressure and high cholesterol as well as being classed as obese. By giving us this extra information, John qualified for a level yearly income of £3,393.
Assuming that John lives until he is 78 this could amount to extra income of over £1,500 over 13 years and more than £7,200 extra than if he accepted the first offer from his current pension provider.
Source equals:
(1) The Money Advice Service, comparison tables as at 8 November 2012 – based on an average of the top 3 level annuity rates, with a 5-year guarantee.
(2,3) LV= quote system as at 8 November 2012. Smoker and obese, paid in advance, level/no escalation, with a 5-year guarantee.
Carol
Carol is 60 and she contacted LV= to enquire about an enhanced annuity. She told us that she has suffered from lung cancer and has a £50k pension fund. This allowed us to offer her a level yearly income of £2,827 compared to £2,401 offered to her from her current pension provider.
Assuming that Carol lives until she is 70 this could amount to more than £4,000 extra income during those 10 years.
Source equals:
1– The Money Advice Service, comparison tables as at 8 November 2012 – based on an average of the top 3 level annuity rates, with a 5-year guarantee.
2– LV= quote system as at 8 November 2012. Smoker and obese, paid in advance, level/no escalation, with a 5-year guarantee.
The figures/case studies shown are not based on real life cases, and are for illustration purposes only as at November 2012. Actual annuity amounts payable will depend on individual circumstances.