UK Money News
10th July 2008
ABI calls for clearer pension options
Information to improve awareness of open market option on annuities should be distributed to consumers, it has been claimed.
According to the Association of British Insurers (ABI), providers of annuities should issue policyholders with packs that clearly outline their options.
It is perceived that this would improve their chances of boosting their income with an open market option.
Maggie Craig, the ABI's director of life and savings, commented: "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."
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