Commenting on today's ruling of the European Court of Justice which prevents annuity providers from offering different rates for men and women, Darren Philp, Director of Policy at the National Association of Pension Funds (NAPF), said:
"We are disappointed with today's decision as it will lead to a worsening of people's pension incomes.
"While it is right that annuity providers should not arbitrarily differentiate between men and women, the data shows that there is a clear difference between them when it comes to longevity.
"It is therefore perfectly reasonable for annuity providers to offer rates on the basis of this difference, as long as it is based on clear evidence.”
Notes to Editors:
1. The NAPF is the leading voice of workplace pensions in the UK. We
speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Paul Platt, Head of Media, NAPF, 020 7601 1717 or 07917 506 683, [email protected]
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]