With the introduction of Gender Equalisation (GE) legislation on 21 December 2012, Canada Life has announced its approach to the introduction of unisex rates for its annuities.
Canada Life will be moving to producing quotations for individual annuities on a gender neutral basis from 5 December 2012. Any quotations produced before 5 December will be prepared on a gender specific basis.
To guarantee receiving a gender specific rate, any Canada Life annuity must be issued before 21 December 2012. In order for this to happen Canada Life must have received a fully completed application form and all other requirements on or before 20 December 2012.
To ensure that all intermediaries and their clients are aware of these arrangements, flyers will be included with quotations to explain the process and timeframes.
The Canada Life Annuity Quotation Team can be contacted via email, on firstname.lastname@example.org or phone on 0845 300 3199
Richard Priestley, Executive Director, Retirement Income at Canada Life said:
“Gender Equalisation legislation will result in a reduction in male rates, and a similar increase in female rates. We aim to make the transition as easy as possible by moving to neutral rates on the 5th December and by giving clear information on deadlines well ahead of the GE implementation date.
We have a dedicated Annuity Quotation Team who are able to assist with any enquires in this regard”