Research shows that thousands risk losing out on extra pension income
Over three quarters (76%) of over-55s don’t know that medical conditions or lifestyle choices, such as smoking and drinking alcohol, could actually increase the money they receive from an annuity, new research by Legal & General shows.
The findings mean that many retirees could be missing out on a higher pension income by not disclosing health issues or lifestyle choices when buying an annuity. This could potentially cost them thousands of pounds in retirement income.
Emma Byron, Managing Director at Legal & General Retail Retirement Income:"Customers are confused about how annuities work. People with health conditions, as well as smokers and drinkers, stand to benefit from better annuity rates – but only if they disclose everything to their financial adviser or annuity company."
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Established in 1836, L&G is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY25) of which c. 43% (c. £0.5 trillion) is international. We have a highly synergistic business model, which continues to drive strong returns. We are a leading player in Institutional Retirement, in Retail Savings and Protection, and in Asset Management through both public and private markets. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.