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

COP28 may be do or die for one point five degree aspirations
With the UN’s annual climate conference kicking off today in Dubai, Ritchie Thomson, senior responsible investment associate at Aegon Asset Management
Oblivian Coalmine on pension funds fossil fuel industry ties
This new film from Make My Money Matter, starring the Academy Award winner Olivia Colman, highlights that £88 billion of UK pension savers money is in
Hopes and fears for pensions in 2024
Aon has set out its “hopes and fears” for pensions in 2024. After a year in which UK pension schemes digested the events of 2022 and adjusted themselv

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.