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We’re helping you to keep in touch with your retiring pension customers.

Maturing pension customers are faced with a crucial decision: how do they take their retirement benefits? It’s not a decision they should take lightly as their choice will determine how much money they have to live on for the rest of their lives.

We firmly believe that all customers should have support and guidance on buying an annuity, as the difference between the lowest and highest rates can be large and getting the best annuity can make a significant difference to their standard of living in retirement. However, figures from our internal book show that approximately 68% of our own customers don’t get advice on buying an annuity.

What we’re doing to help

To make sure that customers have access to the support they need, we want to help you keep in touch with your maturing pension customers.

The new Personal Information Form (PIF) that’s being trialled in some of our maturity packs will ask customers whether they have an adviser and who that adviser is.

If you have any customers in the trial who are retiring over the next 12 months we'll provide you with their details. You can use this information to contact your customers and give them advice on choosing an annuity and their other retirement options.

For Data Protection Act reasons there are some personal details we won’t be able to supply, but we will provide the following customer details:

·         Name

·         Policy number

·         Product type

·         The retirement date we have on our records

·         Fund value.

We'll start sending out the lists of customers this week (week commencing 24th August). We’re using the new PIF with a selection of customers in the product types listed here. We plan to review the trial later this year and if the new form is successful we may roll it out to other customers. We’ll give you further updates on this when we review the trial.

WA07251 08/2009