Tomorrow will see the ABI officially launch a consultation to harvest a range of views about how to communicate pensions with members.

The results will feed into a new guide which will be the output of a Pensions Language Steering Group, formed by the ABI and including input from industry, Government, regulators and consumer groups. The consultation will run until 19th June 2016. Nathan Long – Senior Pension Analyst; “A guide to pension language can hopefully consign the use of terms like UFPLS, decumulation and benefit crystallisation event to the scrap heap.” 

“Focusing on improving consumer understanding will help people make confident, appropriate and informed decisions when it comes to choosing what to do when drawing from their pension. Using words everyone can understand, even if they don’t have a PHD in pensions, is crucial to improving understanding and will also help to build trust with pension providers.