ABI responds to DWP announcement of consultation

Responding to the announcement by the Department of Work and Pensions of a consultation into the valuation of pensions with a guaranteed annuity rate, Rob Yuille, Retirement Policy Manager at the Association of British Insurers (ABI), said:

“Pension providers remain absolutely committed to the success of the pension freedoms, and have helped customers access £4.7billion of funds in the first 6 months. As we highlighted soon after the reforms came in, there is a problem with a lack of clarity about some of the rules regarding compulsory financial advice and when this applies. We are pleased efforts are being made to address this following our discussions with the Government, and will be responding fully to the consultation.”