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Skandia: workplace pensions may escape ECJ gender ruling
by William Robins on Mar 02, 2011 at 11:13
Annuities bought through workplace pensions schemes and drawdown contracts may escape the European Court of Justice (ECJ) ruling against gender bias in pricing, according to Skandia.
The ECJ has ruled that no insurance or annuity contract can offer different rates according to gender. However, Phil Carroll, financial planning specialist at Skandia, said some products could escape on a technicality.
‘The ruling only appears to relate to the insurance exemption in the directive governing equal treatment on goods and services, which would not affect some financial products,’ said Carroll.
He said annuities bought from workplace schemes might escape because the definition of equality for employer run schemes applies to contribution not payment.
‘Workplace pensions, for example, are treated as part of equal pay legislation under employment law which means that equality in defined contribution workplace pensions is achieved by equal contributions not equal annuity or pension conversion rates.’
‘Similarly, differences between men and women in income drawdown and discounted gift trusts come from tax legislation not the provision of the goods or services.’
However, Steve Groves, chief executive of Partnership said it was unlikely annuities could be separated from the rules on insurance.
‘Pensions are regarded as an insurance contract rather than investment in Europe and because pensions are sold by insurance companies I would expect all annuities to fall under the same ruling.’
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5 comments so far. Why not have your say?
Dave Greenhill
Mar 02, 2011 at 14:24
Yet again, plus la change, plus la meme.
is anyone else fed up with all of this complete crap???
I'm sure that there must be some use in the EEC. But sometimes it seems very difficult to actually identify ANY tangible benefits.
It seems to me that all of this clearly shows that those pontifictating clearly just do not fully undersand what they are pontificting about, and are simply opening cans of worms
Whatever next? Compulsory equal number of female fund managers to males for EVERY investment fund???
And how many males/females were on the assembly line that made the office pencils? Did the office manager/ess do due diligence on the producer prior to placing an order?
Where does all of this nonsense end?
No wonder I am a cynic!
report thisBanged to Rights
Mar 02, 2011 at 15:29
Dave - we are led by very poor quality people it seems that they are attracted to these no risk jobs in politics and civil servant types posts then they appoint their friends to non job positions such as commissions, quangos and so on and on and on.
I foresee if this continues our own revolution coming in a few years as the elite price middle England out of comfort.
Interesting to hear that the crowd control arms sold to middle east countries (which have now been suspended) are exactly what the UK police force is also buying. Stun guns, water cannon, tear gas, rubber bullets and such. The elite are readying for battles to come but perhaps the police might not be so keen if their pay is to be cut? Mrs Thatcher made sure that she gave huge pay increases and abundant unfettered overtime to them just before she called upon them we could see the same again.
report thisPaul Barnard
Mar 02, 2011 at 15:58
Grumble moan grumble whinge
report thisDave Greenhill
Mar 02, 2011 at 18:19
"Banged to rights" you are so correct. Conditions are so right for another revolution. I don't envisage this happening in my time, but I do see the "have nots" taking more and more rom the "haves" until stealth is replaced by bold theft until the "haves" get to the stage that they have to protect and defendthemselves - and with the lack of support from the state in terms of crime and punishment, I firmly believe that we are at that crossroads in many geographical areas in the UK right now.
In saying that I do not condone where we find ourselves and I do however detest the lack of leadersip and leadership training available in this country. Selling and management training seem to have been strangled by old school ties.
But CHANGE is absolutely necessary to allow our country to flourish. For me, flourishing necessitates selling more and managing better to allow our country to move back into PROFIT.
We have no real leadership either in our industry or in our country. So is it any wonder that the bureaucracy is growing and winning?
Winning?
More like winning a war of attrition and suffocating us all in their bureaucracy.
And the CHANGE that we need is to an attitude of success, with selling and achievement replacing the bureaucracy (in my opinion - for what it's worth!)
Or is that just my cynicism showing through?
report thisPhil Castle
Mar 02, 2011 at 19:22
I can't comment on the grounds that I might be arrested...... fortunately as far as I know, my thoughts remain my own, so long as I do not express them whilst a commisar is watching.
Oh s**t I've given my thoughts away!
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