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Insurers will be Forced to provide savers with income information
bigfreddiel
Posts: 4,263 Forumite
At last, if the Gov goes ahead with their plans insurers will be FORCED to provide savers with with details of the annual income they could expect to receive from policies with GARs attached.
The Department for Work and Pensions said: "This will mean some members with GAR benefits who were previously required to take independent financial advice before transferring their benefits will no longer have to do so."
So why did insurers make it so difficult if this is now something they can do. No doubt they will say they were only following government rules which meant witholding this information unless the saver took on expensive advice. Is there no end to these companies profit making schemes?
Cheer fj
The Department for Work and Pensions said: "This will mean some members with GAR benefits who were previously required to take independent financial advice before transferring their benefits will no longer have to do so."
So why did insurers make it so difficult if this is now something they can do. No doubt they will say they were only following government rules which meant witholding this information unless the saver took on expensive advice. Is there no end to these companies profit making schemes?
Cheer fj
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Comments
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So why did insurers make it so difficult if this is now something they can do.
The regulator set the projection rules. Not the providers.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If I'm running a business there's no end to the number of things I *could* do if I was forced to by a regulator. That might be quite different to what I'd choose to do given free rein to run my business how I want in the best interests of my owners.
I'm not going to go and do something I don't want to do if the regulator didn't tell me I should (or especially not if he tells me I shouldn't).0 -
Don't get your hopes up. At least as far as I know all they have to do is compare their rip-off product to the other rip-off products in the open market. They don't have to compare to the usual income winner, state pension deferral.*
*For normal pot sizes at typical retirement ages0
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