In November 2016, the ABI launched Making Retirement Choices Clear – a simplified pensions language guide, designed to help ensure that language relating to the retirement choices introduced on 6 April 2015 is explained and communicated to customers across the whole long term savings sector in a clear, consistent manner, avoiding technical terms where possible.
Following the implementation of the pension reforms, the ABI identified that the new options and products were being communicated to customers in a number of different ways, with jargon often used. Consequently, customers were often confused about the options available to them leading to an inability to compare products. The adoption of the guide will ensure all customers are able to better understand and engage with their retirement options.