UK Money News
12th May 2008
ABI to make annuities more transparent
The Association of British Insurers (ABI) has pledged its ongoing commitment to improving understanding of the terms of annuities.
Rebecca Driver, director of research and chief economist at the ABI, outlined the organisation's plan to make annuities more comprehensible to consumers in a statement issued today.
It is hoped that the ABI's drive will allow potential investors in the products to make a more informed decision when buying an annuity.
She said: "The variety of annuity products available, and continuing innovation by providers, is good for consumers. Now we are doing more to improve the service that consumers receive from the industry.
"Our goal is to ensure that they are better informed of the range of options they have and the key issues to consider when choosing an annuity."
Research conducted by the FSA found that 80 per cent of joint life annuitants received a rate of between 85 per cent and 95 per cent of the highest rate available in the market.
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