Otto Thoresen's pilots for his new Money Guidance Service could be ideal as a testing ground for generic advice for the annuity open market option (OMO), according to pensions expert Dr Ros Altmann.
However, she believes Money Guidance proposals will not be suitable for other types of retirement planning and most notably would be unable to cope with the “complexities of the interaction of personal accounts with state pensions”. Writing in the first of the CII’s new thinkpiece articles, Altmann says there are areas where Thoresen’s proposals will take the industry in the right direction; annuity advice, debt management, financial planning and insurance. Regarding annuities, she believes the pilot schemes could help people go through key basic questions before they buy an annuity and...
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