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ABI urges financial advisers to 'act now' over pension changes

12 February 2010

Financial advisers have been reminded by the Association of British Insurers (ABI) that changes to the National Minimum Pension Age are due to be implemented on April 6th.

The organisation has urged advisers to ensure the necessary arrangements are in place so that applications for annuities are submitted before March 1st.

Maggie Craig, the ABI's acting director general and director of Life and Savings, said: "This is a very important change and it is vital that potential retirees have been notified.

"Details of the age change have been available for some time now. Advisers should be working towards concluding their client consultations and advice processes, to make sure applications for early retirement decisions are received as soon as possible."

A number of people, who may be concerned about changes in the pension sector, could be encouraged to take out an additional retirement funding policy in order to ensure they have a comfortable income in the future.

Those who have invested in property will be able to access some of the value of their assets through an equity release scheme.