Legal & General Considering Using Postcodes to Determine Pension Payouts

Sep 2, 2007 UK life and pensions specialist Legal & General has teamed up with Hargreaves Lansdown, a provider of annuity services to Legal & General's customers, to run a pilot study to establish the benefits of using a customer's postcode as an additional risk factor in determining the annuity income that may be provided.The Financial Times reported that, under the pilot scheme, Legal & General will offer different rates for its annuity pension plans depending on location and revealed that it is expected that pensioners living in poorer places are likely to die sooner, and will therefore benefit from higher payouts."People in Glasgow on average don't live as long as they do in Chelsea," said Tom McPhail, head of pensions research at Hargreaves Lansdown, as cited in the Financial Times.....

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