The Association of British Insurers (ABI) has launched a consultation on annuity rates transparency to help people approaching retirement get the best pension deal.
The consultation follows the publication, in March this year, of the ABI Code of Conduct on Retirement Choices, which requires ABI members to provide clear and consistent communications to their customers in the run-up to their retirement.
As part of the Code, the ABI will be publishing a range of annuity rates available to help customers understand how the products of individual providers fit into the wider annuity market. This will include both the rates of providers competing for customers on the open market and those of providers offering annuities only to their existing pension customers.
Stephen Gay, the ABIâs Director of Life, Savings and Protection said:
âABI members are committed to making it easier for consumers to shop around for the best annuity deal as they approach retirement. For the first time we will be publishing rates of companies who only offer rates to existing customers as well as companies competing on the open market.
âBuying an annuity is one of the most important financial decisions people make and shopping around for the right one can make a significant difference to peopleâs retirement income.â
