DownsMail Advertisement feature Pensions Update – New Gender Ruling


3% to 8% in income and women could benefit from a rise of a similar amount.


Christine (seated) and her Team at Invicta IFA


Following a European Court of Justice ruling in March 2011, from December 21 2012, insurance companies cannot provide different terms for men and women. This will affect all insurance premiums, including life assurance, income protection, private medical and pension annuities.


In this editorial Christine Milsted, the Managing Director of Invicta IFA, focuses on pension annuities. An annuity simply means the exchange of a pension fund for a lifetime income paid for by an insurance company. For years, statistics based on gender have been used to price insurance products. An example that you will be familiar with is car insurance. Women are


statistically proven to make fewer claims on their car insurance and therefore benefit from lower premiums. According to the Office of National Statistics, in 2010 the average life expectancy for women was 82.3 year, while for men it was 78.2. As women have a longer life expectancy they currently receive a less generous annuity rate from their pension pots, because they are expected to pay out for a longer period.


Many factors are taken into account in an annuity quotation, including Gilt rates, interest rates and life expectancy, but the new rules will make it illegal to price insurance products on gender. Research has suggested that men could see a fall of approximately


It is estimated that two out of three retirees do not explore the open market option and stay with their existing pension providers, but many of the older pension companies do not offer competitive annuity rates, so those people are losing out.


The Invicta retirement review service is designed specifically to help you to make the right choice and maximise the income you receive. We research the best


annuity rates available for men and women and also take into account any health or lifestyle issues that could increase the amount of income available to the retiree.


If you would like more information, call Invicta IFA without obligation on your part. It will take only a few minutes but could end up adding hundreds of pounds to your income just when you finally have the time to enjoy it. You have nothing to lose so call and speak to a specialist adviser now.


Have you reviewed your finances recently?


Invicta Independent Financial Advisers can help with all your financial planning enquiries. We are a local business offering a friendly but professional service to individuals and small businesses. Our specialist areas include:-


• Mortgages • First Buy/Shared Ownership


• Income Protection • Life Assurance • Business Assurance • Pensions & Retirement Planning


• Annuities • Savings & Investments • Trusts & Inheritance Tax Planning


• Equity Release


Telephone: 01622 662636


Email: enquiries@invictaifa.co.uk www.invictaifa.co.uk


Address: Invicta IFA, 1st Floor Falcon Court, 73 College Road, Maidstone, Kent, ME15 6TF


Registered Office: The Granary, Hermitage Court, Hermitage Lane, Maidstone, Kent, ME16 9NT. Registered in England No. 3330755.


Invicta IFA Limited is authorised and regulated by the Financial Services Authority.


The Financial Services Authority does not regulate taxation and trust advice. There may be a fee for mortgage advice, the precise amount of the fee will depend upon your circumstances but we estimate that it will be £395. Your home may be repossessed if you do not keep up repayments on your mortgage.


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