Case study: The importance of OMO

People looking at taking retirement benefits who believe they do not have the choice of either deferring taking pension income or looking at an investment-linked annuity arrangement are likely to sit opposite you resolutely grim-faced. This is not surprising. We are all aware of what may have happened to their pension fund in the three years leading up to their retirement. But this has been compounded by a reduction in the top annuity rates available on the open market of more than 20% in the past two years. These reductions are not about falling investment returns or improved mortality...