Pensions - Articles - ABI comments on Citizen's Advice report


Commenting on the report published today by Citizen's Advice on the pension freedoms, ABI Director of Policy, Long Term Savings and Protection, Yvonne Braun said:

 "The pension freedoms have given savers a far wider range of options than ever before, and it is important that people consider the choices available to them. Pension providers want customers to have all the information they need to make the right decision for them, and are committed to promoting the Government’s valuable PensionWise guidance service.

 "Our latest industry figures, which measure what customers actually do, show that 58% of savers switched provider when buying a drawdown product and 38% switched when getting an annuity. A higher number of customers are likely to have shopped around but then found they were already with the best provider for them, so won’t have switched. We also estimate around half of customers who stayed have guaranteed annuity rates."

Back to Index


Similar News to this Story

94 percent view State Pension as an entitlement not benefit
Majority of adults aged 66+ say that Triple Lock is affordable and fair to older generations. Around one in seven rely on the State Pension to provide
Fair play off the pitch
Male players in the English Premier League earn an average of more than £3 million per year, while their female counterparts average around £47,000. T
Why Bitcoin matters to Pension Schemes
Back in November 2024, Cartwright Pension Trusts announced its role in facilitating the first-ever UK DB pension trust investment in Bitcoin. With the

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.