Time for a radical shake-up of shopping around

Another year and yet another guide on how to encourage retirees to shop around before buying an annuity.

Katrina Lloyd
clock

Another year and yet another guide on how to encourage retirees to shop around before buying an annuity.

The ABI has published a Best Practice Guide for the Retirement Process, outlining the principles that providers are expected to follow and the steps they should take to increase consumer understanding of retirement and the buying of annuities. It recommends that customers should be sent all the information they need to shop around about four to six months before they retire, with no default automatic annuity offer made until six to ten weeks before the retirement date. The trade body also wants wake-up and follow-up packs to be “clear and jargon free”, while also avoiding “inconsistencie...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

MPs urge one-year delay to farm inheritance tax reforms

MPs urge one-year delay to farm inheritance tax reforms

Cross-party EFRA committee warns proposed IHT changes risk harming vulnerable farmers

Sahar Nazir
clock 16 May 2025 • 2 min read
Behind the advice: The hidden mental health struggles of financial advisers

Behind the advice: The hidden mental health struggles of financial advisers

As Mental Health Awareness Week spotlights wellbeing across industries, advisers speak out

Sahar Nazir
clock 16 May 2025 • 7 min read
IHT on pensions overhaul risks fuelling scams against 'fearful' public

IHT on pensions overhaul risks fuelling scams against 'fearful' public

Claire Trott calls for clarity on 2027 Budget reform that will bring pensions into estate tax scope

Sahar Nazir
clock 16 May 2025 • 3 min read