The Association of British Insurers (ABI) has launched a consultation on how better to communicate pensions to consumers to help them understand their options at retirement.
The industry body wants to hear views from consumer organisations and the media, which will feed into the work of its pension language steering group, involving industry, government, regulators and consumer groups. The ABI's aim is to develop simple language to describe pension products that can be consistently applied across the sector. It also wants to eradicate terms such as ‘uncrystallised pension funds lump sum' and ‘flexi-access drawdown', made popular by the Government's pension freedom reforms. Referring to research by the Money Advice Service and ComRes, the ABI said the term...
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