The Association of British Insurers (ABI) has updated and republished its "Statement of Good Practise" on pension transfers, which it hopes will improve the service people receive when moving their pension pots.
The reissuing takes into account the changes made to the pensions system that came into force on A-Day - 6 April, 2006. Experience of using the new rules has been garnered over the past few months and incorporated into the new version.
"This new guidance is good news for customers, financial advisers and pensions companies," said Helen McCarthy, head of pensions and savings development for the ABI.
"Over time, we anticipate that there will be fewer pension pots but with more money in them," she continued. "This will help savers keep track of their pension funds more easily and improve investment returns."
The pensions system is currently undergoing the most dramatic and substantial overhaul in many years as part of the A-Day changes and the ABI felt that now was a good time to evaluate the advice the industry gives to its members and consumers and how it had evolved given the recent developments.To read more about pensions, click here.
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