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&#39Govt figures back geographic rates&#39

Government statistics back enhanced annuity rates on a geographic basis, according to MGM Assurance.

Research from the Office for National Statistics charts disease patterns in regions of the UK and it shows higher levels of heart disease in South Wales, Scotland, Tyneside and Northern Ireland.

MGM says measures need to be taken to ensure consumers do not limit themselves to considering only providers of standard annuities.

The life office has special rates for those with shortened life expectancy, such as manual workers living in the North of England, the Midlands, Scotland, Wales and Northern Ireland.

Pensions development manager Tim Gosden says: “The report supports the premise on which the geoeconomic annuity is based. It indicates a massive North/South divide, with Scotland and North England having a higher than average incidence of deaths from cancer, heart disease, stroke and alcohol-related diseases.

“With so many customers eligible for enhanced annuities, providers have a duty to ensure that their customers are aware of all the annuity options available to them.”

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