The National Association of Pension Funds (NAPF) welcomed the launch today of the Association of British Insurers’ (ABI) code of conduct on annuity purchase.
Darren Philp, Director of Policy, NAPF, said:
“This code could help people get a better income in their retirement, so it goes right to the heart of what a pension does. It should reduce the risks of people sticking with their original pension provider for an annuity, when instead they could get a much better deal elsewhere.
“The ABI’s work is welcome, and an important step forward, but we believe that there is further to go if we are to maximise the chances of people securing the best possible retirement income.
“Many people approaching retirement will need more active help to get them shopping around for the best possible annuity deal. That could be through appointing an annuity advisor or broker to help them, and embedding that process as part of the pension scheme itself.”
The ABI Code of Conduct on Retirement Choices will be implemented on 1 March.
Notes to editors:
1. The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,300 pension schemes with some 16 million members and assets of around £900 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683, [email protected]
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]