Annuity rates generally are calculated taking into account gilt yields (which rise and fall broadly in line with interest rates), your age, your sex and perceived life expectancy and also the type of annuity being purchased. However, enhanced and impaired life annuities such as smoker annuities will also take certain lifestyle choices into account if this is likely to result in lower life expectancy. This means that higher annuity rates are available, resulting in a higher annuity income, albeit payable for potentially a shorter period of time.
It is important that when considering purchasing an annuity, you speak to a suitably qualified and impartial adviser who is able to take you through the whole range of options, including whether you qualify for smoker annuities rates.
Thinking of buying an Annuity from your pension fund or from private capital? Our Annuity Service provides:-
- Depending on your pension provider up to 40% More Annuity Income
- Information on different types of annuity arrangement including investment annuities & with profit annuities
- Assessment of your circumstances to find the most suitable type of annuity for you or whether there are any other options more suited to you.
- Information on lifestyle annuities - including smoker annuities and impaired health annuities you may get even more annuity income.
- Comparing annuity rates to ensure that you maximise your annuity income.
- Explaining the annuity options available to you.
- Helping you with the relevant paperwork to ensure that you annuity is processed smoothly.
For more information on annuities read our Guide to Annuities