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

Aegon Annuities Aviva Annuities Axa Annuities Canada Life Annuities Friends Life Annuities Hodge Annuities Just Retirement Annuities Legal and General Annuities LV Annuities
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IFAs concerned about offering annuity advice ahead of EU Gender Directive

Six out of 10 independent financial advisors (IFAs) are concerned about giving advice on buying lifetime annuities to female clients, ahead of the introduction of an EU Gender Directive on 21 December.

44% of IFAs believed that the so-called ‘G-Day’, which rules that gender can no longer be factored into premium calculations, will see annuity rates levelled down, while 50% expect providers to find a mid-point between male and female rates.

According to the research by retirement income specialist Primetime Retirement, this uncertainty about future rates means that IFAs are having difficulty advising on conventional annuities.

Commenting on the findings, Primetime Retirement CEO Kim Lerche-Thomsen said: “Lifetime annuity rates are already at an all-time low and uncertainty over gender quality is adding to the difficulty for advisers and clients in making a decision.

“Low conventional annuity rates and the likelihood of rates dropping further due to the ECJ ruling underline the need for those who are in good health and still working to keep their options open in retirement with retirement income solutions which are flexible enough to adapt.”

According to consumer champion Which?, women’s longer life expectancy means that they have traditionally received lower annuity payments, however the new ruling means that they could benefit from a higher pension income.

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