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Canada Life announces gender-neutral annuity pricing strategy

canada life
In association with Canada Life Group Insurance

Canada Life has announced details of its approach to annuity pricing ahead of the introduction of unisex rates next month.

From 21 December, insurers will no longer be able to price annuities based on the sex of the applicant.

Canada Life will start producing quotations on a gender-specific basis on 5 December.

The provider says it will only honour gender-specific rates on annuity business which has been completed before 21 December.

Canada Life retirement income executive director Richard Priestley says: “Gender equalisation legislation will result in a reduction in male rates, and a similar increase in female rates.

“We aim to make the transition as easy as possible by moving to neutral rates on the 5 December and by giving clear information on deadlines well ahead of the implementation date.”

A number of providers have already announced a variety of approaches to the change. Prudential, for example, decided to move to gender-neutral pricing on 13 November. The provider will continue to accept applications on quotes obtained before 12 November until 13 December.

Others, such as LV= and Partnership, have reduced annuity quote guarantee periods to allow customers and advisers to continue to access gender-specific rates up until the 21 December deadline.

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  1. AMS Annuity have produced a chart showing the G-day information for each provider. This can be downloaded for free from their website (https://goo.gl/We9aH)

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