We're becoming used to signs in supermarkets comparing their prices their competitors. In the "store wars" it's essential to reassure your customers that they're receiving good value, and a good way is to demonstrate that your prices are cheaper than those elsewhere.
Of course, price comparisons we see in supermarkets always show the company undercutting its competitors, or at least demonstrating pricing parity. We would be very surprised if we saw a sign that said “You can get better value if you go elsewhere.” But that’s what’s being suggested for annuities. The Treasury and the Department for Work & Pensions are currently in the middle of a review of the open market option (OMO) for annuities. There’s been concern for some years that many people don’t exercise the OMO, even if it could result in a significantly higher pension. Efforts have been made...
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