Retirement: HMRC confirm higher GAD rate for women in Income Drawdown

HMRC has confirmed, that following the introduction in December of new EU rules outlawing gender discrimination in financial products, the maximum amount available to women from Income Drawdown plans, will rise to be in line with that rate available for men. However, HMRC have said that the new rules will be reviewed when they see how Annuity providers react to the Gender Discrimination Directive. Our advisers are here to help you make the right choice...

ECJ ruling will affect Annuity rates

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 ...