How to... boost your retirement income

One of the easiest things you can do to get the most out of your pension savings in retirement is to shop around for your annuity (a type of retirement contract that provides you with a regular payment, usually for life). Instead of simply accepting the annuity your pension provider offers, you could increase your retirement income by 20 per cent or more by looking for a better rate elsewhere.

Answer all medical and lifestyle questions as fully as possible to see if you’re entitled to an “enhanced” or “impaired” annuity. These pay a higher retirement income if your life expectancy is shortened due to lifestyle, for example if you smoke, or your medical history.

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