Best UK pension annuity rates alerts earlier. There are to be earlier wake-up retirement calls, suggests the Association of British Insurers (ABI). They are encouraging insurance companies (annuity providers) to contact customers close to retirement a little earlier than the current four to six months under new updated guidance on wake-up packs. These updated wake-up packs provide more information for consumers with defined contribution personal pension type policies, aimed at helping them decide how to take their important retirement benefits, highlighting the right to shop around for better annuity rates using the open market option (OMO), and the different types of annuities actually available.
Margaret Craig, acting director general of the Association of British Insurers, said recently that they have listened to the important views of consumers, the pension industry and other relevant experts to identify how best to deliver key information and encourage consumers to read these packs. This new guidance will hopefully ensure consumers get clear, valuable and easy to understand information at the point when they are making hugely important financial decisions about how to turn their hard earned pension fund into a (decent) income in retirement with better UK annuity rates.
