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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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Almost half of Brits still unaware of impact of EU Gender Directive

With only two weeks to go until the introduction of the EU Gender Directive, nearly half of Brits are still in the dark about the impact of the new rules.

The findings come as part of research from Confused.com which revealed that 47% of those surveyed are still unaware of what the legislation means for them, with only 35% of those polled expecting to be affected by changes.

The Directive will mean that from the 21 December insurers will no longer be able to factor gender into premium calculations, with many leading insurers having already introduced gender neutral pricing ahead of the so-called ‘G-Day’.

According to the Financial Services Authority (FSA), the products most likely to be affected by the Directive include term life insurance, private medical insurance, motor insurance, critical illness insurance and annuity products.

Despite the fact that estimates from the Association of British Insurers (ABI) suggest that the directive will cause annuity income for men to drop by 8%, and rise by 6% for women, 70% of those questioned are not concerned about the directive. A further 53% having no plans to do anything should prices increase.

Gareth Kloet, of Confused.com, said: "The EU gender directive which takes effect on 21 December looks likely to spoil things, bringing uncertainty into the market once again and is likely to result in different insurance companies adopting different strategies to gain and retain the best business."

However, the ABI has recently moved to reassure consumers that the market will still “remain competitive, gender or no gender.”

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