FCA guidelines on annuities

Michael Bow
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AROUND 400,000 people will be contacted by the insurance industry after the City watchdog urged pension providers to provide clarity to savers on changes to annuities.

The Financial Conduct Authority said providers should contact people approaching retirement to make sure they are aware of the impact that transitional arrangements for savings will have on them between now and April 2015. Compulsory annuities will be scrapped by 2015.