The Association of British Insurers (ABI) says its new annuities code which should be ready by March and which come fully into force in March 2013 will make provide a code of conduct for annuity sales encouraging people to take the open market option and review annuity choices. In second quarter 2011 only 44 per cent of savers switched to a better annuity. Despite the difference between the best and worst annuities on a pension of £40,000 being up to £8,000 over someone’s lifetime.
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