TISA comments on European Court gender ruling
Responding to the Court of Justice of the European Union ruling on gender discrimination TISA Director of Policy Malcolm Small said:
“This is not a good consumer outcome. I anticipate that annuity rates for women – who are already under pensioned, compared to men – will fall as a result. The implications will also affect retirement in general as the costs associated with pension buyouts will increase and there will be an adverse effect on income drawdown.
“Decisions made by Europe are adding another layer to an already complex regulatory framework for pensions. We need an urgent debate on the level of regulation as we have reached a potential overkill situation with no discernable benefit to the consumer.”
Ends……
For further information, please contact:Malcolm Small, Director of Policy, Mobile: 07989 500771 Email:malcolm.small@tisa.uk.com
Issued on behalf of TISA by Cauldron Consulting, contact Steve Radford – Tel: 020 3178 7238, Mobile: 07889 903786 Email: steve.radford@cauldron-consulting.com
Notes for Editors
The Tax Incentivised Savings Association (TISA)
TISA is the premier industry funded body in the UK retail savings and investment industry. By engaging with member firms, government, political parties, regulators and consumer groups TISA’s ultimate goal is always to further consumers’ best interests. It seeks to improve the range, features and quality of savings and investment schemes available whilst encouraging more people to save for their financial security and peace of mind.
Uniquely, TISA is able to articulate the opinions of the whole savings and investments marketplace through its membership comprising over 120 member firms involved in the supply or distribution of products. TISA’s remit extends across the broad spectrum of government sponsored savings and investment vehicles.