The European Court of Justice (ECJ) has this morning ruled that gender cannot be taken into account by insurance companies when setting premiums.
Not only will this affect things such as car insurance premiums, which are expected to rise for women and fall for men, it will also affect the Annuity rates offered to both men and women.
Why does it affect Annuity rates?
An Annuity is a method of turning a lump sum of money, generally from a Pension fund, into an income. Historically insurance companies who provide Annuities have used various factors, including age, gender and state of health to determine ...