EU gender equality rules 'could cost men £10k' in annuity income during retirement

Submitted by Mastodon on Tue, 2013-01-15 23:57

Article here. Excerpt:

'Future male pensioners could lose £10,000 from their income over their retirement under new gender equality rules coming into force on Friday.

Under the EU Gender Directive, firms will no longer be able to use a pension holder's sex as a factor when calculating annuity offers.

Currently men will typically get a higher annual income when they buy an annuity than women because they have a lower life expectancy. Providers can offer them more on the assumption payments will end sooner than for women.'

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