In March, the European Court of Justice (ECJ) issued a landmark ruling on a case involving sex equality and insurance premiums brought by a Belgian consumer group, Test-Achats. The question before the judges was whether the exemption from the European Union’s equal treatment rules allowing insurers to calculate sex-based premiums was valid. The ECJ’s decision was that sex equality meant just that and gender-based premiums – whether for car insurance, life cover or anything else – must end. Fortunately, the court did not rule that the change should be immediate, but deferred its implementation until 21 December 2012.

One consequence will be that insurance companies will no longer be able to offer higher annuity rates to men than to women, based on the fact that women live longer. From December 2012 all annuities will have to be on a unisex basis. It is not yet clear what this will mean in practice. Men could find their annuity costs rise to match women’s. If you are a man planning to retire in 2013, you might want to reconsider your plans...