Prudential Considers Postcode Annuities

Prudential Considers Postcode Annuities

Prudential is expected to introduce postcode pricing on its annuities by the end of the year.  They currently price annuities based on age, sex and the size of their pension fund.  Legal and General introduced postcode annuity pricing last September and Norwich Union goes live at the end of this month with its move to postcode pricing.

Legal and General sets rates depending on annuitants’ addresses while Norwich Union splits postcodes into nine different categories as well as taking into account the annuitants’ marital status and smoking habits.  Prudential business development director Aston Goodey says “We are reviewing the market and deciding whether this is something we can use to benefit out customers.

Our view

The more competition in the annuity market then the better it is for the consumer to achieve and bigger pension income for life.

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