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Budget 2014 ABI comments on changes to Pensions

The Chancellor George Osborne has announced a number of reforms to Pensions in today's Budget.

Commenting on the changes, Otto Thoresen, Director General of the Association of British Insurers, said:

"These are important reforms for savers and it is crucial to get them right. It is right for people to be offered a range of options to generate retirement income, and it is crucial to  ensure  that customers have the information they need to make the right choice for their circumstances. The guaranteed lifetime income provided by an annuity can play an important part in discussions with customers considering their options.

"These changes represent a significant challenge for everyone involved in helping people secure their retirement income. The insurance industry has already introduced reforms to help  customers get the best retirement deal, and we look forward to playing a key role in ensuring that these reforms deliver better outcomes for customers."

Last updated 01/07/2016