ABI customer boost for pension transfers

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Financial Services > Pensions > News

ABI customer boost for pension transfers

Fri, 16 Jun 2006

The Association of British Insurers (ABI) has today published an updated edition of its statement of good practice on pension transfers.

Designed to make it easier for individuals to shift personal pension plans between pension providers, the document aims to improve customer service for consumers.

Today's updated version takes into account changes to the pensions tax system which were implemented on April 6th 2006, which has been referred to as A-Day.

The new edition also incorporates improvements made since the initial publication in January 2006.

Helen McCarthy, the Association of British Insurers' head of pensions and savings development, commented: "This new guidance is good news for customers, financial advisers and pensions companies.

"It will make it easier for people to move pension pots between providers, and improve the service that they receive when they do.

"Over time, we anticipate that there will be fewer pension pots, but with more money in them. This will help savers keep track of their pension funds more easily and improve investment returns."

The government's plans for reforming the state pensions system involve raising the retirement age to 68, so personal pension plans or company pensions may become a better option for some.

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