Report highlights best practice plans for annuities

www.moneynews.co.uk > Pensions calculator > Report highlights best practice plans for annuities

Report highlights best practice plans for annuities

Fri 28th Oct 2011

The European Insurance and Occupational Pensions Authority (EIOPA) has disclosed a new report, which aims to set best practice for the sale of variable annuities across the continent.

EIOPA chairman Gabriel Bernardino commented: "This is EIOPA's first consultation in the area of consumer protection and of great significance to us ... It links our work in consumer protection with financial innovation."

It is entitled the Draft Report on Good Practices for Disclosure and Selling of Variable Annuities and will aim to highlight improvements that can be made in disclosure and selling for these retirement products over the coming years.

Meanwhile, Dave Penny, independent financial advisor and managing director at Invest Southwest, recently noted a fall in annuity rates and gilt yields in the UK could result from the government buying back debt over the coming months.

He argued this could result in "severely compromised" pensions for many Brits.

Click here for more pensions news
 

Related News : Pensions calculator
	Pension savers reach record low
	Brits 'should be able to save at ATMs'
	High earners pension tax relief to change
	Pensions 'are still confusing for many'
	EU proposals could damage UK pensions
	QE 'has negative impact on pensions'
	TUC advises on boosting pensions savings
	Delaying retirement 'significantly boosts pensions income'
	Pay freezes 'set to continue'
	Brits 'must be increasingly resourceful'