Association of Member-Directed Pension Schemes | AMPS

Making Retirement Choices Clear
Written by Alan Finch on 6th Dec 2016 11:56 am 1696


The ABI has published a language guide for communicating pension freedoms with the aim of simplifying pension jargon.

https://www.abi.org.uk/~/media/Files/Documents/Publications/Public/2016/Pensions/Making%20retirement%20choices%20clear%20Nov%202016.pdf

While implementation of the guide is voluntary it is hoped that firms will decide to adhere to it by April 2018.

Retirement options should be described as one of the following:
-You can keep your pension pot where it is
-You can take your whole pension pot in one go
-You can take your pension pot as a number of lump sums
-You can get a flexible retirement income
-You can get a guaranteed income for life
-You can choose more than one option and you can mix them

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