Marina Yannakoudakis, MEP for London and Conservative Women’s Rights Spokesman in the European Parliament, criticised today’s entry into force of EU gender neutral pricing rules.

The new rules, which follow a ruling by the European Court of Justice, mean that gender can no longer be used as a basis for pricing for car insurance and pensions. This will lead to women being burdened with higher insurance premiums and men receiving lower pension annuities.

Women drivers could face a 40% rise in their car insurance premiums, with female drivers under 30 set to be hit hardest. Male pensioners could be left up to £10,000 worse off in retirement thanks to the ruling.

Marina Yannakoudakis MEP said: “This ruling is gender equality for gender equality’s sake

“Only in the EU could penalising both women and men be seen as a kind of fairness

“The ruling flies in the face both of common sense and the overwhelming evidence that women drivers represent a lower risk to insurers.

“Women drivers who have not already changed their policies should shop around to ensure that they get the best deal.”