ABI retirement code could transform annuity market
400,000 people who every year buy an annuity could benefit
25 February 2013
Deloitte, the business advisory firm, comments on the Association of British Insurers’ (ABI) Code of Conduct on Retirement Choices. The Code is designed to help people approaching retirement get the best pension deal.
Richard Baddon, insurance partner at Deloitte, said:
“The UK’s annuity market could be transformed by the ABI’s code and bring enormous benefits to the 400,000 people who every year buy an annuity.
“Those insurers who can offer flexible, accurately-priced annuities that take account of medical conditions, lifestyle and inflation will be well-placed to capture a large share of this growing market.
“Consumers will also benefit. The proposals highlight the importance of shopping around when buying an annuity. Rates can vary between providers by up to 20% and as consumers can buy an annuity only once, it is absolutely crucial that they get it right. Annuities cannot be changed once bought, and a bad decision will last for the rest of the pensioner’s life.”
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