Pension savers 'should consider enhanced annuities'

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Pension savers 'should consider enhanced annuities'

Individuals looking to cash in their pension pots have been urged to take the time to consider enhanced annuities.

Jason Ashman, chartered financial planner and director of Chatfield Private Client, said in many instances, there is no downside to individuals applying for an enhanced annuity, but many people do not realise they are able to do so.

He commented: "Clients can complete that questionnaire and it goes off to about seven or eight different providers and they will come back to you saying whether or not they can enhance the terms at all."

Mr Ashman added it is always an option worth considering, as people could benefit hundreds of pounds more each month for the rest of their life as a result.

According to recent comments by Dr Ros Altmann, director-general of Saga, on the FT Money podcast, quantitative easing is having a detrimental impact on annuity values at present, causing many to have lower pensions than in previous years.

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