ABI to issue retirement code of conduct - Retirement - News - Moneyfacts

News

ABI to issue retirement code of conduct

ABI to issue retirement code of conduct

Category: Retirement

Updated: 27/02/2013
First Published: 27/02/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A new initiative designed to ensure consumers achieve the highest level of information and assistance when seeking pension products is to be launched on 1 March by the Association of British Insurers (ABI).

Under the Code of Conduct on Retirement Choices, the ABI intends to help hundreds of thousands of people to understand what their retirement options are and to provide clear and concise information on the various products and services available.

The ABI also aims to encourage people to shop around for the best pension deal, particularly within the annuity market.

Key points listed in the code include:

• Promoting the benefits of shopping around for the best and most suitable pension deal.

• Detailing the variety of options available for taking retirement incomes, including providing for dependents, any medical conditions which could warrant the need for an enhanced annuity and protecting income from the effects of inflation.

• Insurers will be required to encourage customers, two years before their retirement, to consider their options and provide concise information on the products and services available.

The ABI has said it will monitor the effectiveness of the code via consumer research, to ascertain whether people's attitude and awareness of the pensions market is changing for the better.

Director general of the ABI, Otto Thoresen, said: "This code is the latest initiative in the industry's commitment to helping meet customers' changing pension needs.

"Increasing life expectancy means that many people will be receiving a pension for longer than they were paying a mortgage so the need to make the right decisions at retirement has never been more important," he concluded.

What next?

Learn about your annuity options.

For help or to compare annuity quotes online call the Moneyfacts Annuity Service: 01737 233435

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

The gender savings gap is widening

There’s a gender gap when it comes to most things in the financial world, and unfortunately, the retirement arena is no different: even though more women than ever before are saving for retirement, the gap between men and women is widening.

The gender savings gap is widening

There’s a gender gap when it comes to most things in the financial world, and unfortunately, the retirement arena is no different: even though more women than ever before are saving for retirement, the gap between men and women is widening.

The gender savings gap is widening

There’s a gender gap when it comes to most things in the financial world, and unfortunately, the retirement arena is no different: even though more women than ever before are saving for retirement, the gap between men and women is widening.
 
Close