ABI reforms may help you get better deal
Ready to retire? ABI reforms may help you to get a better deal
The Association of British Insurers (ABI) is rolling out new minimum standards that may help anyone who is planning to buy a retirement income.
The process of implementing the changes will be started straight away, and the ABI hopes that they will be fully in place by the summer of 2015. Pension providers who are members of the ABI will now have to provide the following for their customers:
- A conversation for customers with their pension provider or an impartial advice or guidance service about their retirement options. This conversation will include a high-level overview of alternatives to annuities as people approach retirement.
- A comparison of annuity quotes for customers, whereby all providers will offer a comparison, or introduction to an intermediary who will deliver the comparison, early & prominently in their retirement process. The comparison will be offered as an integral part of the process, not as an optional extra.
- Ask all customers for information about their health and lifestyle, which they can use to shop around for an enhanced rate.
Choosing the right annuity for you and shopping around for the best deal is important. If you are approaching retirement and are unsure about your choices, you can read more about opening your pension pot on our website here.
Our mission is to make pensions accessible to everyone, so if there is anything you do not understand, please contact us and we will be pleased to help. To discuss any pension-related issue: