Insurers issue new code for pensions

The insurance industry has launched a code of conduct in a bid to help customers make the most of their pension savings.

The Association of British Insurers (ABI), which created the code, claimed a third of people do not shop around for an annuity, potentially losing thousands of pounds over the course of their retirement.

It hopes the code will ensure customers have access to information which will allow them to make an informed decision about annuities appropriate to their needs and lifestyle.

ABI members will be required to highlight enhanced products, clearly signpost support and advice and establish transparency in the annuity market.

The ABI said the code will be implemented by its members – more than 300 companies – over the next 12 months.