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Daily Insurance Industry News
Thursday 18th of January 2018
December 21, 2011

ABI encourages shopping around for annuity

by Richard Kilner

Story link: ABI encourages shopping around for annuity

The ABI has warned that many people are missing out on better retirement income by not browsing thoroughly for a better annuity.

The organisation has launched a consultation aimed at helping the industry to find new ways to support people making the right choices when they retire.

In September the ABI launched a compulsory code that bound its members to encourage people to shop around, and removed the annuity application form from all communications in a bid to stop people simply rolling their pension into an annuity from the same provider.

Director of Life and Savings Maggie Craig said that the organisation was working hard with its members to encourage people to shop around upon retirement, but said that too many people still chose not to do so.

Earlier this month research commissioned by Bupa revealed that Britons were the worst prepared to cover the costs of age old care, according to a survey of 13,000 people in 12 countries.

 

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