MSE News: EU ruling could cut male retirement income

Former_MSE_Guy

"Experts warn that from March males could lose the favourable rates they currently get when buying an annuity ..."

Read the full story:
EU ruling could cut male retirement income

michaels

I thought this craziness had been knocked on the head, at least as far as motor insurance premiums were concerned?

gonzo127

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

rallyspit

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.

rallyspit

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~

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

sandsy

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.

Aberdeenangarse

Another reason I'll be doing a 'drawdown'

Loughton_Monkey

Aberdeenangarse wrote: »

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.

Loughton_Monkey

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.

Premier_2

...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: