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ABI comments on Citizens Advice report on the pension freedoms

Commenting on the report published today by Citizen's Advice on the pension freedoms, ABI Director of Policy, Long Term Savings and Protection, Yvonne Braun said:

Yvonne Braun"The pension freedoms have given savers a far wider range of options than ever before, and it is important that people consider the choices available to them. Pension providers want customers to have all the information they need to make the right decision for them, and are committed to promoting the Government’s valuable PensionWise guidance service.

"Our latest industry figures, which measure what customers actually do, show that 58% of savers switched provider when buying a drawdown product and 38% switched when getting an annuity. A higher number of customers are likely to have shopped around but then found they were already with the best provider for them, so won’t have switched. We also estimate around half of customers who stayed have guaranteed annuity rates."

Last updated 01/07/2016