Pension annuity options; clearer instructions
The Association of British Insurers (ABI) has moved to improve awareness of annuity options among policyholders. It will distribute information to people who are nearing the age when they will give up work and are looking to secure a retirement income.
It is hoped that these will highlight the benefits of shopping around and the scope that this affords customers of boosting their retirement money.
Maggie Craig, the ABI’s director of life and savings, said: “We are determined to improve the experience of customers approaching retirement. This means ensuring they understand their options, including their right to shop around, so they can make an informed decision and letting them know where to go to get help.
“Buying an annuity is a once in a lifetime decision that can’t be changed, so it’s vital that customers are given appropriate help to make the right choices, and make the most of their retirement income.”
