Ensuring suitable products for consumers

This chapter discusses what can be done by policy makers to help ensure that consumers get annuity products which are suitable for their needs and to ensure that appropriate consumer protections are in place. The increasing complexity and risk-sharing presented by different annuity products brings many challenges with respect to making sure that consumers are aware of the products available, can access the best product for their needs, and understand the products they are purchasing and the costs and risks that they entail. Policy makers must ensure that information is readily available and used by consumers, that products are clearly presented in a comprehensible and unbiased manner, and that product disclosures are transparent with respect to the product’s features, costs and risks and in order to help consumers choose the most suitable product for their needs.