According to the Daily Mail, as a result of the new gender equality rules, women who wish to purchase a fixed term annuity are now entitled to a higher income compared to last year’s annuity rates due to the 12% increase introduced last December by the EU.
Previously, when looking to purchase an annuity men would typically be offered a higher income insinuating that men have a much shorter life expectancy than women however the new gender equality rules mean that it is illegal for insurance companies to discriminate based on the enquirers gender when proposing to covert their pension pot into fixed annuity income.
Both genders have benefited from the new rules with women witnessing the greatest rise in their potential annuity income. It was found that female smokers are entitled to a massive 15% increase in retirement income along with other acute medical conditions that may affect the life expectancy of the individual and male smokers also witnessed a significant rate increase of 11%.
Bearing this in mind, if you’re approaching your retirement and are unsure of all of your options then now would be the best time to get in touch with a professional advisor and see what’s currently on the market for people with your health and marital status, lifestyle and sized pension pot to ensure you get the best rate.
If you’re looking at purchasing a fixed term annuity or to find out if you’re a suitable candidate for an impaired life annuity, speak to a annuity comparison agency today for support leading up to your retirement and to discover the best pension annuity rates presently on the market.