If you are living with any medical condition, it is possible that you may be able to benefit from a special type of annuity which offers a higher level of income than conventional annuities. This is due to the pension income payable to you being ‘enhanced’ to reflect your lifestyle, state of health and life expectancy.
By using the annuity service offered through Unique in partnership with British Lung Foundation, you can find out whether you are eligible for a higher level of pension income compared to the levels offered by conventional annuity providers. It is also possible to undertake your annuity purchase online.
Unique in partnership with British Lung Foundation has teamed up with Gallagher Employee Benefits to provide access to this comprehensive enhanced annuity service.
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Quote online now or call 0845 015 0221 quoting BLF
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When you make the decision to start drawing an income from your pension fund you can normally take part of it, typically up to 25%, as a tax free lump sum. You must then convert the remainder of the fund into an annuity. An annuity is provided by an insurance company and pays you a guaranteed regular income for the rest of your life. However, your choice of which insurance company to provide your annuity is crucial, because once the annuity has started you cannot change your mind – it is an irreversible decision.
The Open Market Option
It’s important to shop around
It is very unlikely that you will have to stay with your existing pension provider when you want to buy an annuity, and not all annuity providers offer similar benefits – the difference between the highest and lowest annuity incomes available can be significant. In fact, annuity rates can even vary within one provider as the rates can differ according to the annuity options you choose.
Shopping around for an annuity is known as using the ‘Open Market Option’ meaning you have the choice to purchase your pension income from another provider if you wish.
How to use this service
The Gallagher Employee Benefits annuity service provides you with the means of finding one of the most competitive annuity rates at retirement that takes into account your current state of health, simply by answering 10 simple tick box questions. The aim is to maximise the income available to you from your existing pension fund(s).
It is important to note that Gallagher Employee Benefits have elected to enter into agreements with two leading providers – Canada Life for standard term annuities and Partnership for enhanced annuities in respect of fund values (after taking any tax-free cash entitlement) below £40,000. Both providers are very competitive in the annuity market and Gallagher Employee Benefits review the rates on a regular basis to ensure continuity.
Quotations provided for this level of fund value will automatically be from either of these providers depending on any medical information disclosed.
You can speak to one of Gallagher Employee Benefits qualified advisers on the telephone or use our online search facility that allows you to input your personal and medical details, select the annuity basis relevant to your own particular circumstances and then find the best annuity rate available to you right now.
How purchasing your annuity supports the British Lung Foundation
In addition to providing you with the means of finding one of the most competitive annuity rates at retirement, Unique also make a donation to the British Lung Foundation for every policy sold at no additional cost to you.
Important information
It is important to understand that in providing this service Gallagher Employee Benefits will not be providing you with any financial advice or a personal recommendation. The service allows you to select the basis of the annuity and then search the market for a competitive product matching your requirements. The service is therefore provided on an execution-only basis, meaning that you confirm that you have neither sought nor received a personal recommendation.
For more information on how to use the annuity service or to start searching the market for the best deals around, simply visit our website.
Alternatively you can speak to one of our qualified advisers on 0845 015 0221 or quoting BLF.
Please note
The British Lung Foundation is an Introducer Appointed Representative of Heath Lambert Limited. Unique is a trading name of Heath Lambert Limited, which is authorised and regulated by the Financial Services Authority. Registered Office: 9 Alie Street, London E1 8DE. Registered Number: 1199129 England and Wales. www.gallagherheath.com
Gallagher Employee Benefits is a trading name of Heath Lambert Consulting Limited, authorised and regulated by the Financial Services Authority. A member of the Society of Pension Consultants. Registered Office: 9 Alie Street, London E1 8DE. Registered No. 0772217 England and Wales. www.gallagherheath.com
