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Consultation on regular survey of all ABI members offering annuities
SallyG
Posts: 850 Forumite
http://www.abi.org.uk/Media/Releases/2012/11/ABI_launches_consultation_on_annuity_rate_transparency.aspx
ABI’s proposal in brief:
We propose to conduct a regular survey of all ABI members offering annuities, setting out a number of typical customer profiles and asking what income each of these would receive from an annuity.
This information will then be published and made available to consumers via the ABI website, along with other information about the providers, such as whether they are offering guaranteed annuity rates, and whether they refer pension customers to an annuity provider or a panel of annuity providers.
The consultation will run until Monday 3 December. To participate please visit https://www.abi.org.uk
3. Objective and summary of the proposal
3.1 Our objective is that annuity rates are publicly available so that customers and stakeholders can get an indication of the rates offered by the full range of providers in the market.
3.2 The requirement to respond to the rate survey will be part of the ABI‟s compulsory Code of Conduct. It will apply to all ABI members providing annuities and/or pensions, regardless of whether they are currently competing for annuities in the open market or not. This will make the rate information on the ABI website unique, as comparison websites only list rates for those providers actively competing in the market for new customers
ABI’s proposal in brief:
We propose to conduct a regular survey of all ABI members offering annuities, setting out a number of typical customer profiles and asking what income each of these would receive from an annuity.
This information will then be published and made available to consumers via the ABI website, along with other information about the providers, such as whether they are offering guaranteed annuity rates, and whether they refer pension customers to an annuity provider or a panel of annuity providers.
The consultation will run until Monday 3 December. To participate please visit https://www.abi.org.uk
3. Objective and summary of the proposal
3.1 Our objective is that annuity rates are publicly available so that customers and stakeholders can get an indication of the rates offered by the full range of providers in the market.
3.2 The requirement to respond to the rate survey will be part of the ABI‟s compulsory Code of Conduct. It will apply to all ABI members providing annuities and/or pensions, regardless of whether they are currently competing for annuities in the open market or not. This will make the rate information on the ABI website unique, as comparison websites only list rates for those providers actively competing in the market for new customers
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