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Case Study 1: Annuity purchase

Mr and Mrs C, aged 65 and 68, approached us wishing to take benefits from Mr C’s pension funds. Mr C had a number of pensions from several providers all offering a pension with various options. Both Mr & Mrs C suffer from normal age-related medical problems including raised blood pressure and cholesterol, and Mr C is also an insulin-dependent diabetic.

We discussed the options for taking pension benefits and confirmed that Mr C should take the 25% tax free cash sum from the pensions but would consider investing it to generate income as he has no immediate plans for spending the money. They need monthly income.

The existing pensions provide a total income of £3,834 per annum after taking tax-free cash and this would include an equal pension for Mrs C should Mr C die first.

Using the Open Market Option (OMO) from their existing pensions allows us to combine them into a single pension payment, rather than several smaller ones, and the best quote we were able to obtain was using an Impaired Life Annuity (one that takes into account the client’s medical and lifestyle factors) of £4,231 on the same basis, an increase of over 10%.

Don’t just assume that your current pension provider will offer you the best income. We specialise in obtaining the highest rates, especially if you are a smoker or have medical problems.

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