UK Annuities: FINANCIAL CONDUCT REGULATED SITES • QUALIFIED, TRUSTWORTHY ANNUITY ADVICE

Centralising Your Pension Annuity Search

BUT FIRST, SOME IMPORTANT INFORMATION THAT COULD BOOST YOUR RETIREMENT FINANCES Have you taken out a credit or store card, mortgage, secured loan, unsecured loan or hire purchase agreement in the last 10 years? If you have (or have had) a mortgage, loan or credit card with providers such as Barclaycard, Abbey, Santander, Littlewoods, MBNA, Halifax, HSBC, HBOS, Lloyds, Natwest, RBS or in fact any other credit provider, you may be able to reclaim up to £15,000 if you were sold PPI insurance - in most cases even if you have lost the paperwork. Learn more about PPI Claims now!


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You could increase your annuity by thousands. Make sure you recognise the best annuity advice when you get it. The more information about annuities you have, the more able you will be to recognise the best annuity advice when you receive it.
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Annuity Plan Visit Pension Annuity Plan

You may be able to secure several thousand pounds more over your lifetime from annuity providers than your current pension provider. Many are unaware of this very important information. The more information you have, the more able you will be to recognise the best deal when you see it.
Visit Pension Annuity Plan Financial Services Register Number 530750


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All fund sizes welcomed. Why should the annuity buyer be careful? Buying from your pension provider isn't always necessarily the best idea.
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This company may be able to increase your standard pension annuity through enhanced annuities.
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Using specialist annuity industry search software, an FCA registered Independent Financial Adviser will query top annuity and annuity alternative providers' databases to help you compare and choose which one is the best for you.
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annuity comparisons Visit The Enhanced Annuity

Specialists in enhanced annuities. It is estimated that up to 40% of the UK population could boost their pension annuity income with an "enhanced annuity".
Visit The Enhanced Annuity Financial Services Register Number 483817


annuity comparisons Visit Annuity Comparisons

Why would you use an automated annuity comparison website when an authorised, qualified pension consultant can advise you which is the best annuity for free with no obligation to buy? There are many reasons why you should not trust your future income to comparison tables on faceless sites. In some matters you need absolute certainty.
Visit Annuity Comparisons Financial Services Register Number 483817


annuity comparisons Visit Annuities Extra

Pension annuities for those of us who are not in the best of health. If you've a health problem, no matter how small or insignificant you think it is, you'll stand an increased chance of a higher annuity income.
Visit Annuities Extra Financial Services Register Number 483817


annuity comparisons Visit Simple Annuities

Finding an annuity does not have to be difficult. Pension annuity retirement finance experts with vast experience of annuities are waiting to help you. Compare pension annuities and annuity alternatives now.
Visit Simple Annuities Financial Services Register Number 483817


annuity comparisons Visit The Female Annuity

1000's of women retire every week in the UK. Compare annuities for women and their alternatives.
Visit The Female Annuity Financial Services Register Number 460094


annuity comparisons Visit Annuity Pathway

Your simple pension annuity journey. How you might take the wrong annuity route and lose the annuity income that is rightfully yours.
Visit Annuity Pathway Financial Services Register Number 460094


annuity comparisons Visit Just One Bite Annuities

How a pension annuity will affect your life. You will only get one bite of the annuity apple. Once you buy an annuity, there's no going back.
Visit Just One Bite Annuities Financial Services Register Number 460094


annuity comparisons Visit Pension Annuities Plus

Your annuity income may increase if you have had certain conditions such as high blood pressure, asthma or high cholesterol. This is also true for smokers and for those who have worked in certain occupations. Get pension annuity comparisons now.
Visit Pension Annuities Plus Financial Services Register Number 483817


annuity comparisons Visit Annuity Answers

Why should the pension annuity buyer beware and why do so many retirees ignore a much bigger annuity income? Compare annuities now.
Visit Annuity Answers Financial Services Register Number 483817


annuity comparisons Visit Smokers Annuities

Your lifespan as a smoker and your annuity options. We're sorry to be blunt, but you most likely already know that smokers, in general, have shorter lifespans than non-smokers. Of course annuity providers are well aware of this unfortunate fact of life. Increase your annuity now.
Visit Smokers Annuities Financial Services Register Number 483817


annuity comparisons Visit Annuity Key

Unlike some companies, all fund sizes are accepted. The Retirement Income Customer Hotline Limited may be able to boost your pension income by more than 40% compared with your current pension provider's offering.
Visit Annuity Key Financial Services Register Number 460094


annuity comparisons Visit Buy an Annuity

Buying an annuity from your pension provider isn't always necessarily the best option! You might be able to secure several thousand pounds more over your retirement from annuity providers than your current pension provider.
Visit Buy an Annuity Financial Services Register Number 154622


annuity office Visit Annuity Office

We recognise our annuity clients as individuals, which is why we deal with every case on a one-to-one individual basis. Did you know for instance that your income may increase if you have had certain health problems such as high blood pressure, high cholesterol or asthma? This is also true for smokers and for those who have worked in certain occupations.
Visit Annuity Office Financial Services Register Number 483817


ANNUITIES: Annuities News


Pensions and Annuities Research:

Select Committee on European Union Minutes of Evidence

Unisex Annuities: Memorandum by the Equal Opportunities Commission (EOC)

SUMMARY — The EOC is pleased that the European Commission has brought forward a proposal for a Directive tackling sex discrimination in the provision of goods and services. — The principle of equal treatment for women and men is of fundamental importance for a fair society and the current exception of insurance under S45 of the Sex Discrimination Act is contrary to this principle. — Sex-based annuities give women who have them a lower income in retirement than similar men making the same investment at the same age. — Although women lose out from sex-based annuities, they gain from sex-based pricing of some forms of insurance. — The EOC commissioned the Pensions Policy Institute to conduct an independent study into the potential impact of introducing unisex annuity rates. The draft report from this study concludes that removing gender rating as a factor for annuities would not have a large adverse impact for men or the insurance industry, but nor would it result in significant gains for women. — The EOC recognises that the removal of all gender-based ratings from insurance would bring a complicated mixture of gains and losses to both sexes. — The EOC recommends that the Directive should apply the principle of equal treatment to insurance and pensions but should provide for insurance companies to depart from the principle of equal treatment in limited circumstances where up to date, relevant actuarial data indicates there are very clear gender differences in risks and where there is an independent regulatory regime in place to provide reassurance for consumers. INTRODUCTION The Equal Opportunities Commission is the statutory organisation with responsibility for enforcing the Sex Discrimination and Equal Pay Acts and promoting equality between men and women generally in Great Britain. We very much welcome this opportunity to submit evidence to the Sub-Committee's Inquiry into the draft Directive. The EOC is pleased that the European Commission has brought forward a proposal for a Directive tackling sex discrimination in the provision of goods and services. This Directive will extend the principle of equal treatment for women and men beyond employment for the first time in a number of Member States. We welcome a public debate on the question of how equal treatment should be applied to insurance premiums and annuities. EQUAL TREATMENT AND INSURANCE The principle of equal treatment between women and men is of fundamental importance for a fair society. Part of equal treatment is treating women and men on the basis of their individual characteristics and not on the basis of generalised stereotypes about men or women as a group. In Britain the provision of insurance is covered by the Sex Discrimination Act (SDA). However there is an exception (section 45) that allows insurance companies to provide different rates or charge different premiums for women and men for a wide variety of insurance, annuity and pension products provided that these are based on actuarial or other data "on which it is reasonable to rely". The EOC recognises that the use of sex-based actuarial data in insurance calculations is a complex issue. Questions of principle and policy are closely interwoven with more technical questions of actuarial methodology and insurance industry pricing and risk management practices. We have a number of concerns about the way in which the current statutory framework operates. Section 45 of the SDA affects women and men differently depending upon the type of insurance in question. Whereas women are typically disadvantaged by lower annuity rates, men lose out when purchasing car insurance or life insurance. The EOC is also concerned that actuarial data used by insurers to assess risks may not always be up to date or relevant. For example, in the Pinder case[1] sickness statistics that were thirty years old were used to justify charging the applicant 50 per cent more than a comparable man for permanent health insurance. For these reasons, the EOC has historically argued for the removal of the exception provided by section 45 of the SDA. ANNUITIES The EOC has historically argued that the use of sex based actuarial factors in the calculation of annuity rates discriminates against women and should be ended. The insurance industry has taken a different view. The use of gender specific annuity rates gives women who have an annuity a lower annuity income than similar men would receive for the same size of pension pot purchased at the same age.[2] Sex-based annuity rates apply to annuities that are purchased from occupational or personal pension schemes. This is one crucial way in which annuities differ from retirement incomes from defined benefit pension schemes or the State pension where the longevity risks are shared between men and women. The UK already has unisex rates for annuities purchased with savings accrued from National Insurance rebates from people who opt out of the second State pension.[3] The context for the EOC's concern about annuities is a society in which women's average retirement income is just 57 per cent of that of men[4]. This huge gap in retirement income arises because: — women are paid less than men: the hourly gender pay gap for full time workers is 18 per cent and for part time women workers the hourly gap is a staggering 40 per cent — because they are more likely than men to have caring responsibilities women are much more likely than men to work part time, which reduces their ability to save for retirement — women are much more likely than men to be absent from the labour market for periods of time while they care for children or other family members. Women's different patterns of labour market activity mean that most women find it harder than most men to save for retirement. Sex-based annuity rates compound this problem because a woman whose retirement income will depend on an annuity has to save more to receive the same annual retirement income as a man in an otherwise equivalent position.[5] However, only a relatively small number of women have an annuity in their own right, so any change to unisex annuities would only benefit small numbers, at least in the short term. Rather more women (although still a minority overall) depend for their retirement income on the annuity of a male partner and they could potentially lose out under a unisex regime. However, the number of people whose retirement income includes income from an annuity is set to grow as more occupational pension schemes move from the defined benefit model to a defined contribution model. This is a complex area of policy. The House of Lords Select Committee on Economic Affairs concurred with the EOC that further work was needed to plot the best way forward. The Committee's report said: We recognise the importance of these criticisms of the way the annuity market currently operates, but we are wary of suggesting any changes which might be seen as imposing greater costs on this market. We agree with the Equal Opportunities Commission that the whole area of gender and annuities requires further investigation and analysis.[6] Last year the EOC decided to commission the Pensions Policy Institute (PPI) to conduct an independent study exploring whether it would be possible to introduce unisex annuities and estimating the effect this would have on annuity rates and retirement incomes. PENSIONS POLICY INSTITUTE STUDY The EOC is aware that the PPI has submitted a memorandum to the Sub-Committee that summarises the results of the study that they conducted for us, which we hope the Sub-Committee will find helpful. The study report is still in draft but its main conclusions are: — While valid arguments are made for and against unisex annuities, neither side of the argument has been made conclusively. — Unisex annuities are unlikely to be of significant or widespread benefit to people currently close to State pension age. — A move to unisex annuity rates is unlikely to bring about a significant change in retirement income for most pensioners because: — Three-quarters of pensioners don't have any income from annuities. — Changing to a unisex pricing regime won't change annuity rates significantly. — Annuities form a small proportion of retirement income for most people who have them. — Developments in the annuity market are likely to diminish the relevance of gender as a rating factor. — Although more future pensioners will have more annuity income, there will still not be a significant or widespread benefit from compulsory unisex annuities. The study concludes that if the draft Directive is implemented there won't be significant benefit for all women. It is likely that more pensioners would see a lower retirement income than higher, including some women who depend upon a male partner's pension in retirement. The study predicts that if unisex annuities were introduced less than one quarter of pensioners would see any change in their income at all. This is because only a minority of pensioners have annuities now. Women are particularly unlikely to have an annuity in their own right: the majority of women depend upon a combination of State pension and means-tested benefits in retirement. The study also predicts that after some initial disruption, unisex annuity rates would settle between male and female rates in proportion to the number of male and female annuitants, roughly one quarter of the way below male rates and three quarters above female rates. This would result in annuity rates going up by up to 10 per cent for female annuitants and going down by up to 3 per cent for male annuitants[7]. The biggest gains and losses would generally be experienced by pensioners with the largest annuity pots. In the longer term, PPI conclude that annuity income may have a larger influence on retirement income than it has at present. However, they also estimate that even if all retirement income other than State pension income were derived from annuities (which they describe as a massive overstatement of the likely reality), the richest women pensioners might only gain 9 per cent in total retirement income and the richest men pensioners might lose 11 per cent. THE EOC'S EMERGING CONCLUSIONS The study only covered annuities so we cannot be sure what the implications of unisex underwriting would be for other types of insurance. However, it is likely, for example, that young women would face significantly higher car insurance premiums while young men would benefit from lower insurance premiums. Some of the forms of insurance that would be affected by a move to unisex pricing are purchased by rather larger numbers than the number of pensioners who have annuities. It is likely that the wholesale removal of all gender-based ratings from insurance would bring about a complicated mixture of gains and losses to both sexes. We have therefore considered ways in which the principle of equal treatment could best apply to insurance and annuities in a practical manner. As we have only recently received PPI's draft report we have not yet had the chance to discuss its conclusions with the insurance and financial services industry or with other organisations concerned with gender equality. It has also not yet been discussed by the EOC's Commissioners, who form the organisation's policy-making board. However, our tentative conclusion is that the Directive should provide for equal treatment in insurance and annuities but should allow insurance companies to depart from this principle in some limited circumstances. These would be: — where there are very clear differences in risks that are directly related to gender (ie excluding those where gender is a proxy for something else) — where up to date, relevant actuarial data indicates such differences exist — where there is an independent regulatory regime that can offer consumers assurance that sex-based factors are only used in these circumstances. Monitoring by an appropriate professionally regulatory body would be crucial. Insurance and actuarial calculations are difficult for lay people to fully understand, which makes it hard for consumers to know if they are getting a fair deal or to challenge the way they are treated. We envisage that monitoring would need to oversee how companies are assessing gender-related risks and to review the effects of using sex-specific data over time. The European Commission should also review the effectiveness of the Directive over time. ADDITIONAL ITEMS OF CONCERN IN THE DRAFT DIRECTIVE The EOC has a number of concerns about other aspects of the Directive; these are summarised in Annex A. 1 Pinder v Friends Provident Life Office, Westminster County Court, case no. 82 17572, 1985. Back 2 Annuity rates-Single life, non-escalating annuity, £100,000 investment, aged 65. Back 3 However, research suggests that the unisex rates on offer vary significantly, and don't always offer better value for women, in part due to the small amount of the market that unisex annuities represent. Back 4 Social Trends 34, Ageing and gender: diversity and change. Jay Ginn and Sara Arber. http://www.statistics.gov.uk/pdfdir/sot0104.pdf Back 5 Contribution rate (percentage of salary) required at different ages to ensure replacement ratio of 2/3 at retirement. Back 6 "Aspects of the Economics of an Ageing Population", House of Lords Select Committee on Economic Affairs, 2003. Back 7 However, this does not mean that women pensioners' income would rise by 10 per cent and men's would fall by 3 per cent. Most people don't have any income from an annuity and for those who do, the annuity only provides one element in their income. Back © Parliamentary Copyright Keywords: Pension, Annuities, Annuity, Pensions Please note that the annuities and income drawdown information contained within the articles and general text on Annuities Central may not be intended for annuity consumer use, may no longer be current and should not be used by consumers to make financial decisions. It is very important that you don't use this annuity information in isolation to decide which annuity or annuity alternative to buy. Annuity comparisons and pensions information or opinions expressed are made as at the date of this publication and are subject to change without notice. Always seek the help of an annuity broker before you buy an annuity.

annuity comparisons Visit Open Annuities

You could increase your annuity by thousands. Make sure you recognise the best annuity advice when you get it. The more information about annuities you have, the more able you will be to recognise the best annuity advice when you receive it.
Visit Open Annuities Financial Services Register Number 530750


Annuity Plan Visit Pension Annuity Plan

You may be able to secure several thousand pounds more over your lifetime from annuity providers than your current pension provider. Many are unaware of this very important information. The more information you have, the more able you will be to recognise the best deal when you see it.
Visit Pension Annuity Plan Financial Services Register Number 530750


annuities plan Visit Annuities Plan

All fund sizes welcomed. Why should the annuity buyer be careful? Buying from your pension provider isn't always necessarily the best idea.
Visit Annuities Plan Financial Services Register Number 530750


annuity comparisons Visit Pension Annuity Planner

This company may be able to increase your standard pension annuity through enhanced annuities.
Visit Pension Annuity Planner Financial Services Register Number 530750


annuity comparisons Visit Annuity Base

Using specialist annuity industry search software, an FCA registered Independent Financial Adviser will query top annuity and annuity alternative providers' databases to help you compare and choose which one is the best for you.
Visit Annuity Base Financial Services Register Number 530750


annuity comparisons Visit The Enhanced Annuity

Specialists in enhanced annuities. It is estimated that up to 40% of the UK population could boost their pension annuity income with an "enhanced annuity".
Visit The Enhanced Annuity Financial Services Register Number 483817


annuity comparisons Visit Annuity Comparisons

Why would you use an automated annuity comparison website when an authorised, qualified pension consultant can advise you which is the best annuity for free with no obligation to buy? There are many reasons why you should not trust your future income to comparison tables on faceless sites. In some matters you need absolute certainty.
Visit Annuity Comparisons Financial Services Register Number 483817


annuity comparisons Visit Annuities Extra

Pension annuities for those of us who are not in the best of health. If you've a health problem, no matter how small or insignificant you think it is, you'll stand an increased chance of a higher annuity income.
Visit Annuities Extra Financial Services Register Number 483817


annuity comparisons Visit Simple Annuities

Finding an annuity does not have to be difficult. Pension annuity retirement finance experts with vast experience of annuities are waiting to help you. Compare pension annuities and annuity alternatives now.
Visit Simple Annuities Financial Services Register Number 483817


annuity comparisons Visit The Female Annuity

1000's of women retire every week in the UK. Compare annuities for women and their alternatives.
Visit The Female Annuity Financial Services Register Number 460094


annuity comparisons Visit Annuity Pathway

Your simple pension annuity journey. How you might take the wrong annuity route and lose the annuity income that is rightfully yours.
Visit Annuity Pathway Financial Services Register Number 460094


annuity comparisons Visit Just One Bite Annuities

How a pension annuity will affect your life. You will only get one bite of the annuity apple. Once you buy an annuity, there's no going back.
Visit Just One Bite Annuities Financial Services Register Number 460094


annuity comparisons Visit Pension Annuities Plus

Your annuity income may increase if you have had certain conditions such as high blood pressure, asthma or high cholesterol. This is also true for smokers and for those who have worked in certain occupations. Get pension annuity comparisons now.
Visit Pension Annuities Plus Financial Services Register Number 483817


annuity comparisons Visit Annuity Answers

Why should the pension annuity buyer beware and why do so many retirees ignore a much bigger annuity income? Compare annuities now.
Visit Annuity Answers Financial Services Register Number 483817


annuity comparisons Visit Smokers Annuities

Your lifespan as a smoker and your annuity options. We're sorry to be blunt, but you most likely already know that smokers, in general, have shorter lifespans than non-smokers. Of course annuity providers are well aware of this unfortunate fact of life. Increase your annuity now.
Visit Smokers Annuities Financial Services Register Number 483817


annuity comparisons Visit Annuity Key

Unlike some companies, all fund sizes are accepted. The Retirement Income Customer Hotline Limited may be able to boost your pension income by more than 40% compared with your current pension provider's offering.
Visit Annuity Key Financial Services Register Number 460094


annuity comparisons Visit Buy an Annuity

Buying an annuity from your pension provider isn't always necessarily the best option! You might be able to secure several thousand pounds more over your retirement from annuity providers than your current pension provider.
Visit Buy an Annuity Financial Services Register Number 154622


annuity office Visit Annuity Office

We recognise our annuity clients as individuals, which is why we deal with every case on a one-to-one individual basis. Did you know for instance that your income may increase if you have had certain health problems such as high blood pressure, high cholesterol or asthma? This is also true for smokers and for those who have worked in certain occupations.
Visit Annuity Office Financial Services Register Number 483817