Those approaching retirement have been urged to "always consider" enhanced annuities.

Chartered financial planner and director of Chatfield Private Client Jason Ashman said the process is straightforward and people have nothing to lose from submitting an application form.

He stated it is very rare for individuals not to have visited a doctor or experienced some kind of medical issue at one point in their life.

Therefore, there is no harm in filling out a questionnaire and sending it to numerous providers that may be able to enhance the terms of an annuity.

Mr Ashman added that "if you can just eke out another couple of hundred pounds a year for a client, it makes sense to do it".

It is only those who are in "tip-top health" who should not bother, the expert added.

Charity director at Age UK Michelle Mitchell is of the same opinion, as she recently encouraged people to shop around on the open market before converting their pension, as they could be missing out on extra income if they do not.