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LEEDS, ENGLAND, October 20, 2012 /24-7PressRelease/ -- The European Union has announced new legislation that could potentially affect the annuity rates offered to both men and women.
Under current rules, men often receive a higher annuity rate than women. However, the European Union has announced new legislation stipulating that gender should not affect the annuity rate that you are offered.
The announcement follows similar changes that recently made to the insurance industry. After an anti gender discrimination ruling on car insurance was made recently in the European courts, most women (and many men too) have seen huge rises in the their annual car insurance quotes, prompting quite a few well documented and high profile complaints about fairness in the general press.
A similar ruling by the EU now on annuity rates could have a major impact on the value of annuity that people can receive.
The changes are due to come into force on or before 21st December 2012. However, the details on how the changes will affect annuity rates are not yet confirmed. Depending on the outcome of the proposed changes and the fine detail of the new proposals, there could be a large number of people negatively affected.
Either we could see rates decreasing for men and increasing for women, or we could see rates for both men and women being adjusted to fall in line with one another.
For anyone nearing retirement, it is important to seek out independent financial advice to ensure your money is working hard for you and that you are getting the best deal.
With changes to annuities now imminent, anyone who has looked into but has not yet signed for and agreed an annuity deal, should seek advice very soon to make sure they can still get a good deal. As always, it is important to do your research and shop around.
Information and advice about annuities is available on The RetirementCentre.com at http://theretirementcentre.com/product/annuities
The Retirement Centre is an independent company, designed to help people aged over 50 to make the right financial decisions and enjoy their retirement. To compare annuity rates and find the best deal for your annuity, visit The Retirement Centre website: http://theretirementcentre.com/product/annuities
For more information, call Dominic Fraser-Smith on 0113 320 5595 or email firstname.lastname@example.org
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