I find myself somewhat distressed and dis-heartened about the news today that a European Court has once again made another ridiculous ruling in the interests of political correctness without any real consideration for the wider implications of its actions.
Here is an excerpt from the report in the Daily Telgraph:
The European Court of Justice has ruled that using differences between men and women to help set premiums for car insurance, medical insurance and pension schemes breaches EU rules on equality.
Here we answer questions about the ruling.
Who will it affect? The ruling has huge ramifications for financial companies, but it will particularly apply to insurance premiums and annuities, which are used to convert a pension pot into an annual income in retirement. However, more than just gender is considered when calculating the level of an insurance premium and this will continue to be the case.
Who will be hit the hardest? The people who are probably most likely to see a change in the cost of their insurance are young drivers as there is currently a difference of several thousands of pounds between what an 18 year old man and an 18 year old female pays for cover. The woman currently pays less but there is expected to be a levelling off of premiums with women paying the price. Middle class men with pension pots of between £20,000 and £100,000 will also be affected as it is unlikely they will be able to secure such good rates on their annuities once the ban is applied. Currently, they receive better rates than women as they are not expected to live as long.
How much will it add to the cost of my policy? It will take time for insurers to work out exactly how much their prices are going to change following the ruling. But be prepared as the change is likely to filter through by the time you come to renew your insurance or look around for a better deal.
When will these European Judges get off their high horses and realise the ramifications of their actions. Rather than assisting women in their fight for equality they have now succeeded with one swift blow to overrule a prime statistical factor for deciding insurance and pension rates, that will only result in the person in the street once again being worse off.
The major problem that I see with the laws that are being generated by shaky decisions made in European courts is that they seem to be adapted with any consideration or rebuff from our own legal system.
We are effectively sending a statement to the world that says decisions made by our elected members of parliament carry no weight, so we might as well dissolve our parliament and entire political system and bow to the superior will and might of Strasbourg now.
So once again let me say:-
Europe – Thanks for nothing…