Legal & General is extending its guarantee on gender-specific annuity quotes from 18 days to 40 days ahead of the implementation of the EU gender directive on 21 December.
The 40-day rate guarantee period will apply to all gender specific annuity quotations from 1 December to close of business on 19 December.
Customers looking for a gender-specific annuity rate will then need to submit a fully completed and signed application, with all the necessary supporting documentation to L&G before midnight on 20 December.
Once the quote is approved the funds will need to be received and cleared by L&G within 40 days. The rate guarantee period includes weekends and bank holidays.
It means a quote received on 19 December will still be available until 28 January 2013.
Legal & General’s individual annuity business head of strategy Tim Gosden says: “We were really concerned that customers could find it difficult, particularly over the holiday period, to ensure that we receive the cleared funds that are required to set-up their annuity on time.
“So we sought advice and had confirmation that we are still able to set-up gender specific annuities for customers after the 21 December deadline, provided we receive their application before G-Day. After this date gender neutral rates must be applied.”
Facts and Figures Financial Planners managing director Simon Webster says: “If clients are awake this move will really help but in the run-up to Christmas many people will not be rushing to sort out their annuities so I fear it will fall by the wayside.”