The Treausry has confirmed occupational pension schemes will not be forced to comply with gender neutrality legislation when providing members with annuities.
In a consultation response to the European Court of Justice ruling that insurance benefits and premiums after 21 December should be gender-neutral, the government said industry fears over the creation of a "two tiered annuity market" were grave enough to extend the Equality Act to cover work-based pension schemes. The response said: "We acknowledge the concerns of those who believe that the judgment will result in a two tiered annuity market and that such a market will be detrimental to consumers and industry. Some respondents to the consultation have called for the government to extend ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes