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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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Consultation on annuity rate transparency launched

The Association of British Insurers (ABI) has launched a consultation on the transparency of annuity rates, with the aim of ensuring that those approaching retirement get the best deal on their pensions.

The consultation proposes that a regular survey of all ABI members offering annuities should be conducted, which would outline their typical customer profiles and question what income each of these receives from their annuity.

This information would then be available to consumers via the ABI website, alongside provider information such as whether they refer pension customers to an annuity provider or a panel of annuity providers, and whether they offer guaranteed annuity rates.

The consultation follows the publication of the ABI Code of Conduct on Retirement Choices in March, which required ABI members to ensure clarity and consistency in their communications with customers in the lead up to retirement.

“ABI members are committed to making it easier for consumers to shop around for the best annuity deal as they approach retirement,” said Stephen Gay, the ABI's Director of Life, Savings and Protection.

“Making the market more transparent is a further step in helping people with this decision. We want to get this right so are launching a consultation on our plans and welcome feedback from a wide range of stakeholders and insurance companies.”

Praising the move, Steve Webb MP, Minster for Pensions, said:

"This move by the ABI to improve the transparency of annuity rates is a step in the right direction. Pensions need to be simple and clear so that people can engage with them.

"I am determined to ensure that every pound put aside is turned into the maximum amount of pension."

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