Following the publication of Making Retirement Choices Clear – the cross-sector initiative aimed at simplifying language around the retirement options introduced in April 2015 – I am contacting all organisations who responded to last year’s consultation to provide an update on the agreed timelines for implementation, specifically the first milestone which is approaching.
Ahead of 6 April, if you are willing to support the initiative and intend to use the guide, we ask that you ensure that your organisation’s current communications practices are in line with the guide’s principles (page 5 of the guide) and that steps are planned or are already being taken to review your current customer communications ahead of the second and third milestones. A reminder of the agreed implementation timeline is below.
By 6 April, ABI members and other supporters are expected to adhere to the seven principles of the guide – the first milestone of the three-stage implementation process, as recommended by respondents to the two month consultation last year. A copy of the ABI’s response to the consultation is also attached for your reference.
The ABI will be undertaking some media work around the deadline to publicise the guide and to demonstrate the work both our members and the wider industry is doing to simplify retirement language. We would also like to encourage willing supporters to conduct their own media work to convey their commitment to tackling pensions jargon and support of Making Retirement Choices Clear. As part of this press work, we will be publishing a list of supporters and we will happily share a copy of our press release prior to publication. Therefore if you would like the name of your organisation added to the list of supporters that will appear on the press release, please could I ask you to let us know no later than Friday 31 March 2017.
Further background about the initiative can be found here but if you have any questions, please do not hesitate to get in touch with either myself or my colleague Anna Sharkey (copied).
The following implementation timeline was agreed by the ABI’s Long Term Savings Committee and the Pension Language Steering Group:
• By 6 April 2017: Willing supporters agree to sign up to the seven principles of the Guide. This should trigger internal reviews within supporting organisations to ensure compliance with the principles and that organisations are in a position to prepare for full implementation as below.
• 6 April 2017 onwards: Organisations begin to review and amend customer communications across all channels in line with the wording of the Guide. If supporters are willing and able to do this before April 2017, they are encouraged to do so. To minimise the cost and impact on organisations, supporters are encouraged to synchronise amendments with any necessary regulatory changes as and when they occur.
• 4 September 2017: Six month review of implementation progress. Supporters demonstrate to the ABI that they have either started or have fully enacted implementation of the Guide into their customer communications.
• 6 April 2018: Full implementation deadline.
Henry Thompson - Policy Adviser
Association of British Insurers (ABI)
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