Men advised to act now on Annuities before G-Day
Men Warned to ‘Act Now on Annuities or Face Lower Retirement Income’
Men looking to buy an annuity – a retirement income for life – are being urged to purchase before the introduction of the new EU Gender Directive (G-Day), which comes into force on 21st December, to benefit from higher interest rates.
Men who are on the verge of retirement should buy their annuity sooner rather than later, as the Brussels-devised directive could see them receive a permanently lower retirement income if they delay.
An annuity purchase is for life, so the right product is as important as the right annuity rate.
Currently, men, after purchasing an annuity, will receive higher retirement incomes than women, because women, on average, live longer, meaning the money has to last longer.
But That is All About to Change
When the gender directive comes into force, it will become illegal for an insurer to factor-in gender when determining an insurance premium. This means that annuity rates are likely to fall for males, but could improve for females.
The changes mean that men could lose up to 10 percent of their potential annuity incomes.
Despite growing calls for urgency, we, along with many respected financial experts, stress that buying an annuity is an important decision and should not be rushed into. You should always discuss your options with a fully qualified independent financial adviser who has access to a wide range of investment products.
Reid Scott & Ross also specialise in Enhanced Annuities so by speaking to us we could increase your retirement income further and avoid the looming reductions.
Latest posts by Sally - Silversurfer's Editor (see all)
- Could a short-term rental provide a new source of income for you? - May 6, 2021
- Understanding the 5:2 Diet - May 6, 2021
- Are you taking your medication properly? - May 5, 2021
- Looking after your asthma in hay fever season - May 5, 2021
- Paper or Digital Copies – What’s best for important documents? - May 5, 2021
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!