Insurers issue new code for pensions
The Association of British Insurers (ABI), which created the code, claimed a third of people do not shop around for an annuity, potentially losing thousands of pounds over the course of their retirement.
It hopes the code will ensure customers have access to information which will allow them to make an informed decision about annuities appropriate to their needs and lifestyle.
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Hide AdABI members will be required to highlight enhanced products, clearly signpost support and advice and establish transparency in the annuity market.
The ABI said the code will be implemented by its members – more than 300 companies – over the next 12 months.