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
|
