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MSE News: EU ruling could cut male retirement income

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MSE News: EU ruling could cut male retirement income

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MSE_GuyMSE_Guy MSE Staff
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I've been Money Tipped! Newshound! Chutzpah Haggler

"Experts warn that from March males could lose the favourable rates they currently get when buying an annuity
..."
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  • michaelsmichaels Forumite
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    I thought this craziness had been knocked on the head, at least as far as motor insurance premiums were concerned?
    I think....
  • gonzo127gonzo127 Forumite
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    i guess if the assumptions made in the artical are correct and mens annuity go down but car insurance goes down aswell this should be about even for men over a life time, shame it will cost women more as their car insurance will go up but their annuity will stay the same
    Drop a brand challenge
    on a £100 shop you might on average get 70 items save
    10p per product = £7 a week ~ £28 a month
    20p per product = £14 a week ~ £56 a month
    30p per product = £21 a week ~ £84 a month (or in other words one weeks shoping at the new price)
  • Motor Insurance and annuities are - and should remain - based on the generic risk. If the EU says that a 17 yo male driver in a Ferrari should pay the same insurance cost as a 40 yo female in a Ford Fiesta would we comply? Of course not, and I would imagine that most EU countries will look at this potential "equality" ruling and totally ignore it. Sadly I assume that on this issue we in the UK will bow deferentially to these mandarins of Brussels who clearly have less intelligence than the average teapot.
  • Motor Insurance and annuities are calculated - and should remain - based on the generic risk. If the EU says that a 17 yo male driver in a Ferrari should pay the same insurance cost as a 40 yo female in a Ford Fiesta would we comply? Of course not, and I would imagine that most EU countries will look at this potential "equality" ruling and totally ignore it. Sadly I assume that on this issue we will bow deferentially to these mandarins of Brussels who clearly have less intelligence than the average teapot.
  • ~Brock~~Brock~ Forumite
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    rallyspit wrote: »
    Sadly I assume that on this issue we will bow deferentially to these mandarins of Brussels who clearly have less intelligence than the average teapot.

    Maybe so, but I bet they could manage to hit the 'Submit reply' button just the once though ;)
  • sandsysandsy Forumite
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    rallyspit wrote: »
    Motor Insurance and annuities are calculated - and should remain - based on the generic risk. If the EU says that a 17 yo male driver in a Ferrari should pay the same insurance cost as a 40 yo female in a Ford Fiesta would we comply? Of course not, and I would imagine that most EU countries will look at this potential "equality" ruling and totally ignore it. Sadly I assume that on this issue we will bow deferentially to these mandarins of Brussels who clearly have less intelligence than the average teapot.

    Some of Europe already complies. The UK, amongst others, applied for an opt-out. The opt-out lets countries apply gender-differentiated rates which can be justified by statistical/actuarial data. However, now the legality of the opt-out is being questioned.
  • AberdeenangarseAberdeenangarse Forumite
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    Another reason I'll be doing a 'drawdown'
  • Another reason I'll be doing a 'drawdown'

    With a lower "GAD" amount, obviously!

    It's about time Cameron took Her Majesty on a trip to Brussels, perhaps accompanied by Nigel Farage who has, I believe, a 'way with words' when it comes to European matters.

    They should be left under no illusions as to who is running this country.
  • Any ruling would also affect motor insurance premiums. Men tend to pay more because they are involved in more accidents than women but this could also change, with male premiums set to fall, while women's costs could rise.

    er... correct?

    Certainly in my day - admittedly quite a few years ago, it was a 'fact' that women have more accidents than men 'per mile'. The reason for cheaper female rates (and as far as I can recall, I was the first to introduce female discounts on Motor Insurance in UK) is simply that on average, they do significantly fewer miles, giving them an overall reduction in claims cost per annum.

    I cannot confirm this is still the case.
  • edited 8 February 2011 at 10:58AM
    Premier_2Premier_2 Forumite
    15.1K posts
    edited 8 February 2011 at 10:58AM
    ...A healthy 55-year-old man is expected to live for another 25.7 while a woman of the same age is forecast to live another 28.8 years – 12% longer.

    A healthy 75-year-old man is expected to live for another 10.7 years compared to 12.5 years for a woman – 17% longer...
    Is this correct? Are you really suggesting that the average life span of someone born later is now reducing?

    Current 55 year old average life span
    male: 55 + 25.7 = 80.7 years
    female: 55 + 28.8 years = 83.8 years

    Current 75 year old average life span
    male: 75 + 10.7 = 85.7 years
    female: 75 + 12.5 years = 87.5 years

    That's not what the ONS were saying in a report last year :huh:
    "Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 2010
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