FTAdviser.com

Advertising

According to the company, research has shown that only around 13 firms voluntarily provide rates for the FSA tables out of more than 100 annuity providers in the market.

Although it believes that the majority of customers get a good deal from their pension savings, Standard Life said the measure would protect customers and help them to know they are getting a good deal.

"There is an opportunity to give customers greater transparency when converting their retirement savings into income. The easiest way to ensure annuity buyers are getting good value is to make sure all insurers publish their rates, including the 90 plus insurers that don’t currently do so," said Andrew Tully, senior pensions policy manager at Standard Life.

The comments come in reaction to a survey published by the Association of British Insurers (ABI) today which said that 85 per cent of single life annuity customers receive a rate that is at least 95 per cent of the highest rate available.

The ABI said that the research shows the market delivers good rates for most customers. It also said that significant steps are being taken to encourage consumers to look around the market.