Shopping around 'is vital to ensure best retirement income'

By Tom Farley, Thu 10 Jul 2008 - Published in Pensions

People who are planning for old age should compare money-investment schemes before making a decision, the Association of British Insurers (ABI) has said.

This comes as ABI launch guidance designed to help people secure a retirement income.

Designed to help people increase their retirement income, the new guidance emphasises the importance of shopping around and making sure people get the best possible deal.

Customers will also find information on the various types of annuity available and different options they may want to consider as they approach retirement.

Maggie Craig, ABI director of life and savings, said: "Buying an annuity is a once in a lifetime decision that can't be changed, so it's vital that customers are given appropriate help to make the right choices."

The ABI's guidance has been produced after consultation with consumer groups, pension providers, the Financial Services Authority and the government.

Earlier this week, Sainsbury's Finance highlighted the importance of shopping around when looking for a savings account.

News Categories

News Archive

News: Shopping around 'is vital to ensure best retirement income'