The delays experienced when converting pensions into retirement income has long been an issue for annuity providers. However, improvements are now being made thanks to a more coordinated approach from pro- viders says Helen Morrissey
Annuity purchase has always been the popular option for people looking to convert their pension pot into a retirement income. Up until now the industry's focus has been quite rightly on ensuring these customers get the best deal possible. As a result we have seen increased emphasis on the open market option (OMO) which enables advisers to search all annuity providers to secure the best retirement income possible. However, one issue that continues to cause concern is what happens once the right annuity is found. The best annuity may not be with the provider that the client has saved with a...
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