How will pension plans be affected by EU court eliminating gender from risk assessments?
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financemum
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
pensions per se will not be altered but certainly annuities will.
currently, men get higher rates (when compared on a like for like basis) as we live short lives (on average) and therefore the same pot of money would need to be paid out in a shorter period of time when compared to a woman.
all of this will change.
people that take their benefit by drawdown (unsecured pension income) and hybrid annuities will also see the same potential reduction as the base point for working out their income is still currently gender based.
its fair to say that pretty much every insurance contract will be changed (there are the odd exceptions like car breakdown cover and cover for your washing machine failing etc!)
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currently, men get higher rates (when compared on a like for like basis) as we live short lives (on average) and therefore the same pot of money would need to be paid out in a shorter period of time when compared to a woman.
all of this will change.
people that take their benefit by drawdown (unsecured pension income) and hybrid annuities will also see the same potential reduction as the base point for working out their income is still currently gender based.
its fair to say that pretty much every insurance contract will be changed (there are the odd exceptions like car breakdown cover and cover for your washing machine failing etc!)
