LONDON (Reuters) - Index provider FTSE and the fund arm of British insurer Legal & General (LGEN.L) on Thursday launched an index series to benchmark annuity prices.
The series, called the FTSE UK Level Annuity Index Series, will allow users to compare changes in the value of a pre-retirement fund with changes in annuity prices, FTSE said in a statement.
Created in association with Legal & General Investment Management, the series provides market participants with a transparent benchmark for retirement funds, they said.
Reforms due to come into force in April will give greater choice to pensioners and are expected to increase demand for retirees to compare prices.
Reporting by Simon Jessop; editing by Carolyn Cohn