Both sides of the story

There has been a lot of discussion recently regarding the open market option (OMO) and whether pension clients know about it and if they do, do they use it? Up until now the promotion of the OMO has been undertaken on a voluntary basis by insurers; on the understanding that it is to be actively promoted to people at retirement. Earlier this year the ABI commissioned Optimisa to undertake some research on annuity purchasing behaviour and the headline findings from that research were as follows: Sixty-seven percent of participants shopped around and considered buying their annuity f...