Canada Life has confirmed its approach to annuity rate pricing ahead of the introduction of gender equalisation legislation.
From 5 December 2012, Canada Life will produce quotations for individual annuities on a gender neutral basis.
Under a European Court of Justice ruling, it will be illegal for insurers to price products using gender from 21 December 2012. Annuity quotes will be issued on a unisex basis after this date.
However, Canada Life is still accepting gender specific business up until day before legislation comes in. The insurer requires a fully completed application form and all other requirements on or before 20 December 2012.
Richard Priestley, executive director, retirement Income at Canada Life said: "Gender equalisation legislation will result in a reduction in male rates, and a similar increase in female rates.
"We aim to make the transition as easy as possible by moving to neutral rates on the 5th December and by giving clear information on deadlines well ahead of the GE implementation date."
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