This term has been floating around for a few months now but what on earth is it referring to? It is the term being used to refer to the EU Gender Directive which comes into effect on 21st December 2012.
From this date, annuity providers will no longer be able to offer different rates for men and women. The new Directive will reduce the pension income available of all males (and potentially their partners on joint life cover) retiring after 20th December 2012.
Don’t be under the illusion that this gender equality ruling only affects males, many women are beneficiaries in their Husband’s pensions and so they will see their incomes cut too. Only single women would benefit from the new rules.
If retirement is on the horizon talk to FMB today, it really could save you a fortune!