Small number of pension firms still not in compliance with code

A small number of life assurance firms operating in the Republic are failing to furnish customers with adequate information about their pension products.

According to a review by the Central Bank, the majority of companies selling pensions are in compliance with the new Consumer Protection Code, which requires regulated entities to provide consumers with an annual statement outlining the position of their investment product.

However, the review, which covered the 10 largest life assurance firms, identified a small number of examples of firms failing to produce new format statements for policies.

Where this was identified firms were required to submit implementation timelines for full compliance and commit to ensuring that all personal pension plan consumers, regardless of when the policy was sold, would receive a new format annual statement, the bank said.

Director of Consumer Protection, Bernard Sheridan, said: "Overall, the Central Bank found that the vast majority of firms were in compliance with the requirements of the Code."

“Consumers need to receive clear and meaningful pension information to ensure that their personal pension savings plans are on track to meet their retirement goals.”

“Pension and retirement saving plans are some of the least understood financial products and the provision of annual statements support more informed decision making. Firms need to ensure that they are disclosing information in a way that informs the consumer.”