Retirement

If you have a health condition that is expected to reduce your life expectancy or you are a smoker, you could qualify for an ‘enhanced’ or an ‘impaired life’ annuity, which pay out a higher rate of income than you might get from a standard annuity because they are based on your actual 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 third quarter of 2006, a mere 9.2% were actually taking advantage of this.

Partnership’s retirement annuities have been designed specifically for this 40% group, our retirement solutions are tailored to a person’s individual needs.

We automatically underwrite the second life too, which means that if the main annuitant is healthy but their partner has a health condition or is a smoker, 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

Clients can choose from several additional features:

• Value Protection for the Pension Annuity
• Guaranteed Period
• Dependant’s Benefit
• Retail Price Index linking on the Pension Annuity
• Protected Rights

Click here to read our retirement FAQs