Bamford warns ECJ ruling may drive pension churn

On 1 March, the ECJ ruled it is discriminatory to use gender as a basis for actuarial valuations. The move is likely to affect annuity rates and other pension incomes, and advisers are preparing to review all clients' retirement plans. Advisers expect increased competition between insurers in the run-up to the ban coming into effect on 21 December 2012. Bamford, managing director of Informed Choice, says the ban may encourage IFAs to churn pensions for commission, particularly if they are planning to exit the industry when the RDR comes into effect. "There will be some opportunisti...