Pounds and ounces can add up to extra retirement pounds
People are more likely to be obese around the age of retirement than at any other time in their lives which has important implications for those shopping around for an annuity, says Just Retirement.
Government figures released towards the end of December show nearly a third of people at retirement age are obese yet still only 20 per cent of all annuities sold are enhanced for health or lifestyle reasons.
"That suggests there are a lot of people who are not shopping around and therefore missing out on extra income for the rest of their lives," said Dr Tim Crayford, chief medical advisor at Just Retirement.
The latest Health Survey for England shows a multi-year trend towards increasing levels of obesity in the population of England with a quarter of all adults obese now compared to around 15 per cent in 1993.
"Over the last 20 years the prevalence of obesity has increased fairly consistently and slightly quicker for men. That rise is having profound public health effects because obesity is known to increase the likelihood of a range of diseases including heart disease, diabetes and some kinds of cancer.
"Obesity rises with age, and both men and women are most likely to be obese when they are aged 55 to 64 and just heading into retirement. More than three in every 10 people in this age group are classed as obese.
After these ages obesity prevalence declines, possibly because the least healthy die off."
People are considered obese if their body mass index (BMI), a figure calculated using weight and height, exceeds 30 kg/m2. For example, a man weighing 90kg and 173cm tall (14st 2lb and 5ft 8ins) has a BMI of just over 30 kg/m2. A woman weighing 77kg and 160cm tall (12st 1lb and 5ft 3ins) would also be just over 30 kg/m2.
Dr Crayford said it was important that people approaching retirement disclose factors such as their weight and other health issues, and if their partner has a history of poor health, because it may help them secure a higher income with their pension funds.
"Someone who is overweight or obese is more likely to suffer from other health problems," he said. "Weight has a bearing on life expectancy so it is one of the factors that we take into account when calculating whether we can offer a higher income than a standard annuity.
"For a retiree in otherwise good health, it may help them qualify for an enhanced annuity. Or if there are ongoing health issues, weight may be a complicating factor that lifts the income further."
Other common conditions can affect whether you might qualify for a larger annuity. Official figures show, for example, that 44 per cent of those in the 55-64 age group might be at risk from problems due to high blood pressure and this rises to nearly 59 per cent for those aged 65-74.
"Anyone thinking of taking their pension should expect to be asked about their general health and lifestyle and about any treatment they are receiving," said Dr Crayford. "People can be embarrassed about talking about their weight but if they're shopping for an annuity, they need to be totally honest."