The Association of British Insurers has urged the government to put on hold its plans to curtail tax relief for pension freedom users.
The Association of British Insurers has published a guide aimed at stopping the use of “perplexing” language around pensions in the wake of the pension freedoms.
Andy Briggs, CEO of Aviva UK Life, is to take over as chairman of the life and pensions providers' association the ABI in October.
The ABI says that sales of annuities have risen in recent months, according to its latest pension report published one year after the Pension Freedoms.
ABI data released today shows that £4.7bn has been withdrawn under the new pension freedoms but surprisingly annuity sales have risen for the first time in three years.
The Association of British Insurers has revealed that around 80% of cash lump sum withdrawals were made by people who had not reached 65 years of age.
Savers took out £800m worth in payments from income drawdown policies in 170,000 withdrawals in the first two months after the pension reforms kicked in.
The latest annuity data has suggested customers with smaller pension pots have immediately started to use the new freedoms to take their cash lump sum, according to the ABI.
The Association of British Insurers has today launched what it says is its first comprehensive review of the UK's retirement needs.
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