Take time to explore the options

The open market option (OMO) exists to ensure retirees get the best deal when purchasing an annuity. However, low take up rates have led the FSA to launch a review into how the open market option works. While the results are not due to be published until July, the FSA has already released preliminary findings and the news was not good. In addition to highlighting the poor turnaround times of some providers in administering an open market option, concerns have also been raised as to how providers are explaining the open market option in so called 'wake up' literature. In a speech to the IE...