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Partnership confirms annuity pricing approach ahead of gender deadline

Partnership plans to follow LV= by allowing advisers to secure gender-specific annuities for clients until the day before an EU directive banning gender-pricing on insurance products comes into force.

In March last year, the European Court of Justice ruled insurers cannot price products based on gender from 21 December this year.

The move will force providers to radically alter the way they price annuities, life insurance, and health insurance.

On Tuesday, LV= announced plans to amend the point at which a contract is formed so advisers can obtain gender-specific annuity rates until 20 December.

Provided that LV= has received a completed and signed annuity application before midnight on 20 December, the quote will be honoured even if funds are received after 21 December.

Previously, the contract would have been formed when funds had been transferred to the provider.

Partnership managing director of retirement Andrew Megson (pictured) says the provider will adopt a similar approach to LV=.

He says: “If someone wants to buy an annuity from us we will accept that quote up until midnight on 20 December.

“So even if funds are transferred after the deadline, provided we have received a completed annuity application before that date we will honour the gender-specific quote.”

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