Interactive Financial Adviser: Annuities debate

Following his meeting with the Pensions Income Choice Association (PICA), financial secretary to the Treasury, Mark Hoban looks to be pressurising annuity providers towards compulsory open market option (OMO). Is this the wind of change the market needs? Vince Smith-Hughes: It is interesting to look at the numbers of people retiring with very small pots. I think research shows around 37% of people have a pot of about £10,000. If you look at a man retiring at 65, that is probably just about enough to maintain their Sky Plus subscription. This highlights the work we need to do to encourage p...