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The Association of British Insurers (ABI) must force pension providers to push retirees towards specialist annuity advice, the National Association of Pension Funds (NAPF) has said.
The National Association of Pension Funds (NAPF) has proposed a nationalised brokerage system to help retirees get the best annuity rate and reform the current “toxic system”.
In December the ABI launched a consultation into improving the shopping around process for retirement income. Helen Morrissey asks whether the proposed processes go far enough to solve this issue.
Other open market option articles
The Association of British Insurers (ABI) has proposed three new measures to become part of its planned code of conduct for insurers selling annuities.
Retirement Planner asks industry spokespeople: What is your New Year’s resolution for the retirement planning market?
Steve Lowe discusses recent evolution within the annuity market
Retirement Angels founder Alan Higham has written an open letter to pensions minister Steve Webb demanding pension reform that pushes people towards advice.
The Department for Work and Pensions (DWP) has revealed its opposition to advice as a solution to poor open market option (OMO) uptake.
Helen Morrissey looks at the ABI’s recent proposals to increase use of the open market option and asks if they go far enough.
Making shopping around for an annuity the default option for all investors will be “counterproductive”, Legal and General (L&G) warned.
While lifetime annuities remain the most popular at-retirement product further innovation is needed to meet the needs of the market according to the Xafinity Annuity Industry Study.
Aston Goodey, director of sales and marketing at MGM Advantage, highlights the importance of using the Open Market Option to secure the best retirement solution.
The ECJ has outlawed the use of gender in underwriting, which is likely to lead to a fall in annuity rates for men and increased costs for all.
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