MGM Advantage highlights retirement calculator issue

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MGM Advantage highlights retirement calculator issue

Annuity rates could be set for changes that will affect the retirement calculator used by men and women in different ways.

MGM Advantage has explained that while men could be set to see their annuity rates fall by up to five per cent as a result of a European Court ruling, women will see theirs increase by as much as eight per cent.

It explained that at present men receive a higher rate as they generally do not live as long as women.

However, under new unisex rules, a set amount will be applied to everyone, regardless of their gender.

Aston Goodey, sales and marketing director for MGM Advantage, commented: "While this gender ruling will create winners and losers, the truth is that it's another blow to the conventional annuity and thousands of people approaching retirement."

The company also recently reported that the average annual cost of living for a UK household stood at £35,261.

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