Annuities: Why advice needs to be part of the process

A window into the world of annuities was opened when the Association of British Insurers (ABI) published its first table of sample rates. The body said the move would make it easier for the 400,000 retirees who buy an annuity each year to compare what they are likely to get from different providers. At present, only a third of people bother to use the Open Market Option (OMO) - meaning the majority stick with the annuity on offer from their pension provider. All ABI members who offer annuities to the public are now required to take part in the monthly poll. The rates featured are b...