Retirement

If your health or lifestyle is expected to lead to a reduced life expectancy, you could qualify for an ‘enhanced’ annuity. Enhanced annuities pay out a higher rate of income than you might get from a standard annuity because they are based on a more accurate prediction of your life expectancy, rather than an average for your gender and age group.

It’s estimated that up to 40% of the retiring population are eligible for higher rates due to their health yet in the first quarter of 2008, a mere 10% were actually taking advantage of this.

Partnership’s retirement annuities have been designed specifically for this 40% group, our retirement solutions are underwritten to provide each applicant with the best possible rates for their individual circumstances.

We automatically underwrite the second life too, which means that if the main annuitant is healthy but their partner has a reduced life expectancy, they could still qualify for enhanced rates and the differences can be significant. We estimate that this will raise the amount of people eligible for higher annuity rates from 40% to nearer the 50% mark.

How do Partnership's retirement annuities work?

You pay a one-off payment to us in return for a regular income that will be paid to you for the rest of your life. There are additional options you can choose from such as providing a dependant’s benefit when you die or annual increases to help protect against inflation.

The difference with a Partnership annuity is that our extensive knowledge and expertise means we can more accurately predict how long you might live and give you a better income as a result.

Partnership’s retirement products

• Purchased Life Annuity
• Pension Annuity
• Personal Pension Transfer Plan
• Protected Rights Annuity - Only available with a Pension Annuity

Clients can choose from several additional features:

• Guaranteed Period
• Dependant’s Benefit
• Escalation
• Retail Price Index (RPI)
• Value Protection  - Only available on the Pension Annuity

Click here to read our retirement FAQs