It’s a sad fact that the likelihood of suffering a work-related injury or illness is higher in construction than across all industries which means that many workers enter retirement with a condition which can limit their life span. Enhanced annuities provide increased retirement income rates to people with health or lifestyle conditions.
As Andrew Megson, Managing Director of Retirement at Partnership explains, “Many people are unaware that increased retirement income rates are available for those with health or lifestyle conditions, yet 40% of people at retirement are eligible for them. The difference between the best and worst retirement income rates for people benefiting from an enhancement can be 30% or more. B&CE’s customers will benefit from Partnership’s simplified enhanced annuity approach ensuring as many people as possible qualify for an improved retirement income, for life.“
The collaboration represents excellent news for the construction industry as B&CE customers will benefit from a more complete annuity offering. They’ll have direct access to enhanced rates through a simple one page ‘yes or no’ medical questionnaire, which will enable them to receive an improved retirement income regardless of their fund size.
Patrick Heath-Lay, Director of Finance and Customer Development at B&CE, comments “At B&CE we understand the concerns of the construction industry in addressing the retirement needs of its workers. We’re continually looking for ways to provide a better service for our customers and offering enhanced annuities for construction workers in poor health helps provide more income for those with specific health needs. We’re delighted to be working with Partnership. As a specialist provider to those with health and lifestyle conditions, they are best placed to provide a tailored customer solution designed for those working in construction.”
As a not for profit organisation, B&CE always has the interests of its customers at the forefront of its activities. This collaboration further demonstrates B&CE’s commitment to actively source best of breed providers in its core market within the construction industry.