People need pensions - ABI launches new consumer guide

The ABI has produced a consumer leaflet, People need pensions, to answer some key questions about pensions and annuities in the context of the current economic circumstances.

Consumer confidence will be crucial in helping the UK pull through the recession and on to future success. Long-term savings products, including pensions, have suffered due to stock market falls, and that has had a knock-on effect on confidence. The ABI's leaflet is designed to address all these issues.

People need pensions will be published on the ABI web site, sent to member companies, AIFA and consumer groups for use in any relevant customer communications, and to MPs to help them deal with constituents' queries.

Maggie Craig, the ABI's Director of Consumer Strategy, said: "People need pensions answers some key questions that people may have about their pension savings in the recession. It explains that pensions are a long-term product and gives reassurances that they are still an excellent option for long-term retirement saving, particularly because pension savers get free money from the Government and possibly from their employer in return for saving. It also gives information about annuities to help consumers get the best value for their money.

"In these difficult economic times, it is especially important that people make the right decisions about their finances, now and in the future. Saving for retirement is crucial both for individuals, as it helps to ensure they will have a more comfortable retirement, and for society, as it reduces the burden on future generations of taxpayers."

For more information, visit abi.org.uk