Commenting on the ABI announcement today.
07 November 2012
Commenting on the ABI announcement today that they are launching a consultancy on annuity rate transparency:
Phil Naylor, Director for Legal & General's individual annuity business said:
"We believe that this consultancy provides a great opportunity for all providers to work together to further improve the often considered complex process for customers arranging and buying an annuity.
Our customers have told us just how important independent services, such as the Money Advice Service, which offers customers the ability to compare different provider's annuity rates when they are shopping around. For the great majority, the sole driver in their choice of annuity provider is the amount of income available. For customers to make informed decisions on their choices and so achieve the best income possible for them, they need to know that they are comparing their options on a transparent, like for like basis.
Huge improvements have been made in consumer understanding and awareness that they need to use the Open Market Option and shop around. This consultancy will hopefully be the start of a next phase where customers shopping around are reassured that they are armed with the essential information they need to correctly rank providers and the potential pension income that may receive.
Buying an annuity is one of the most important financial decisions our customers make, so it is vital that we provide them with the confidence in the information they receive so they are able to make the right decision for them."
Legal & General is proud to have a key role in bringing about this much needed consultation."
For more information please contact:
t: +44 (0) 1737 375369
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