research into taking postcodes into account when setting rates would discriminate against the well-off, according to the annuity bureau
Healthy and wealthy annuitants will suffer if individually priced annuities become the norm across the industry. The Annuity Bureau, in response to reports that Norwich Union plans to price annuities according to annuitants' postal codes, said those in lower socio-economic groups are likely to benefit from individually priced annuities because these will yield higher annuity rates. Peter Quinton, managing director of the annuity specialists, said: 'However, wealthier and healthier individuals will suffer financially as their annuity rates will fall as more individually priced annuities...
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