NAPF: Pension providers must push retirees towards advice

The NAPF was responding to an ABI consultation launched in December on creating a voluntary code of conduct for insurers to improve retirees' access to the open market option (OMO). The ABI had proposed to create a code in which insurers no longer sent annuity quotes unsolicited to investors, and better explained the shopping around process. However, in its response published today, the NAPF said the code must, at a minimum, give scheme members a list of "specialist annuity brokers" when providing shopping around information, including brokers which will deal with small pots. Ideal...