Freedom of choice

The open market option literally describes the fact that a client, (annuitant) can decide what type of annuity product they wish to use as well as the product provider they wish to supply it. This means that even though they may have used a particular provider(s) to save with by way of various pension schemes, they are not compelled to use the same provider(s) to provide the annuity and can select others. Each provider must allow a client this option at retirement and processes and rules are in place for the pension provider or ceding scheme to discharge and pay funds to the annuity pro...