The Association of British Insurers (ABI)has issued further guidance for pension providers on improving ‘wake-up' packs to ensure more people read them.
‘Wake-up' packs aim to help people with defined contribution pension policies decide how to take their benefits, including details on the right to shop around using the Open Market Option (OMO) and the different types of annuity available. However, an ABI review earlier this year suggests customers often fail to read the packs, with as many as 58% who remembered receiving the information either leaving it unopened or just skimming through it. The updated guidance encourages clear prompts for customers about the importance of reading the wake-up pack in the run up to retirement. It ...
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