Articles - MGM Advantage confirms EU gender pipeline


 Specialist retirement income provider MGM Advantage has confirmed how it will deal with annuity quotes and business leading up to 21st December, from when pricing using gender is outlawed.

 For the MGM Enhanced Annuity:

     
  •   MGM normally offers a market-leading quote guarantee period of 45 days
  •  
  •   Due to the gender ruling, from 6 November 2012 the guaranteed period on quotes will start to reduce so that quotes are only guaranteed until 20 December 2012 - for example a quote done on 1 December will only be guaranteed for 20 days
  •  
  •   In order to secure a rate quoted on the pre-gender basis, MGM must receive a fully completed application, all ceding funds and all supporting documentation by 6pm on 20 December 2012
  •  
  •   Pricing will change to become compliant with the EU gender ruling in December. Any quote after this time will have the usual 45 day guarantee period
  •  
  •   Re-quotes after gender compliant rates have been introduced will be produced on the new basis. If monies are received after the guarantee has expired, the case will be re-quoted on the new gender compliant basis.

 For the MGM Flexible Income Annuity:

     
  •   Providing MGM receives the fully completed application, all ceding funds and all supporting documentation by 6pm on 20 December 2012, the case will complete on the basis outlined in the quote
  •  
  •   All quotes will move to an EU gender compliant basis in December

Back to Index


Similar News to this Story

CDC a new dawn
In the slow moving world of pensions, the week commencing 7 October 2024 was a big week. On Monday, we saw the launch of the Royal Mail Collective Def
AI regulation shaping the future of the insurance industry
James Clark and Chris Halliday look at the EU AI Act, arguably the world's first comprehensive law specifically designed to focus on the regulati
Will COVID19 keep excess mortality rates high until 2033
Sergio Jimenez Lopez, Head of Life & Health Research Forecasting, delves into the long-term impact of COVID-19 on excess mortality rates. He explains

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.