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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

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 It is now over 6 months old so the content may be out of date.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.

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