10 July 2008
The Association of British Insurers (ABI) has launched the
latest phase in its campaign to improve the customer experience of
securing a retirement income by publishing new guidance for 'wake
up' packs sent out by pension providers in the run-up to
retirement.
The new guidance will make the information sent to customers
much clearer. It also highlights the potential benefit of shopping
around, and the important fact that customers may increase their
retirement income by doing so.
Under the new guidance, the ABI has said customers will receive
a clear, brief summary of the Open Market Option, the different
types of annuity available and other key issues and options they
should consider as they approach retirement.
