The ABI collected and published members' annuity rates as part of our Code of Conduct on Retirement Choices, in 2013 and 2014.
The intention was to enable customers to see where their provider’s rates fit in comparison to the wider market, and to inform stakeholder and media interest in annuity rates.
The pension flexibility changes from April 2015 meant that customers had much more choice in how to access their pensions, meaning that annuity rates were a less prominent feature of customers’ retirement choices and less useful in illustrating where a provider fit compared to the wider market. As a result, we decided to stop publishing and collecting rates.
To find out more about retirement choices and annuity rates, customers can:
- get guidance on pension options from Pension Wise
- shop around using comparison tools, and find a financial adviser at the Money Advice Service
- ask their provider about their options, including how to get an annuity quote
Rule changes by the FCA confirmed in 2015 and 2016 adopted many of the requirements of the ABI Code. We told our members that from March 2015 the Code was no longer a condition of membership and they did not need to confirm to us that they comply.