Aviva Unveil Retirement Reform Ideas

Aviva, one of the UK’s largest Insurance providers, has launched sweeping proposals for reforming the retirement sector in the UK in its report “Rethinking Retirement in the UK”. The firm thinks that the retirement sector is no longer catering to retirees as well as it could. Clive Bolton, ‘at retirement’ director at Aviva, suggested that “the current retirement industry is no longer serving customers as well as it could.”

In order to remedy the problem faced by the sector, Aviva recommend a number of measures to revitalise the market. These proposed reforms include creating a more open market for annuities, with rates published and available to everybody.
They also suggest reducing the cost of switching providers, and the transfer of pension pots when a customer switches job. Finally, they wish to see changes to the advice system to ensure that every retiree receives the level of advice which is most appropriate for their needs.

“The retirement industry must play its part in rethinking its retirement offerings, providing timely and easily understandable advice and information,” Mr Bolton said. “Consumers face a different landscape to their predecessors and we must take practical steps to help maximise their income and make the choices that are right for them.”