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

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NAPF responds to ABI’s consultation on annuity rates transparency

11th December 2012. The National Association of Pension Funds (NAPF) has submitted its response to the Association of British Insurers’ (ABI) consultation on annuity rate transparency, arguing that the proposals are a “step forward” for the industry.

The consultation follows the publication of the ABI Code of Conduct on Retirement Choices in March this year, which requires ABI members to provide clear and consistent communications to their customers in the run-up to retirement.

Launched last month, the consultation proposes conducting a regular survey of all ABI members offering annuities, outlining typical customer profiles and asking what income each of these would receive from an annuity.

This information would then be published and made available via the ABI website along with other information about the providers, such as whether they offering guaranteed annuity.

Mel Duffield, NAPF Head of Research, said:

 “We support the ABI’s consultation as we have been asking for greater transparency in annuity rates and pricing for some time.

 “The ABI’s proposals are a step forward, and are likely to make it easier to scrutinise current pricing practices and see which providers are the most competitive for different types of annuity.

 “At this stage it is not clear to what extent the annuity rate tables will directly help consumers, but the proposals provide an initial framework from which to build on.”

Steve Webb, Minister 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 an clear so that people can engage with them.”

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