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Evergreen offering enhanced annuity

New retirement specialist Evergreen is offering an enhanced annuity

product for retirees who have lifestyle or medical conditions, including

smoking, cancer, diabetes, obesity and heart disease.

Britannia-owned Evergreen, which launches into the IFA market this week,

calculates that up to 40 per cent of retirees are failing to secure the

best annuity rate in retirement, with pension increases of up to 30 per

cent possible by simply shopping around and using an open market option.

The company claims a database of 3,500 conditions, of which 1,000 could

qualify for a higher annuity rate singularly or in combination with other

conditions.

IFAs can also specify how much commission they want to take, making open

market options profitable for smaller pension pots and avoiding the need to

rebate commission on bigger amounts.

Evergreen chief executive Mike Fuller says: “It is time that life offices

made a commitment to educating consumers about what is available in the

market.

“We are talking about quality of life and if someone has saved hard into a

pension, the least we can do is offer them the best deal available.

“Simply by selecting the most competitive annuity, a retired person can

improve their income by as much as 14 per cent and it could be up to 30 per

cent for those with a lifestyle or medical condition.”

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