Scottish Equitable has revealed its intention to launch an Open Market Option annuity system on its extranet within a fortnight.
The pension specialist firm says it will then fully test the system capability to ensure it is robust before a full launch is anticipated for the end of the second quarter, later this year. Scottish Equitable's current annuity business comes, in large part, from the maturing pension funds of its own pension policyholders and up to this point, it had not actively competed in the Open Market Option market. IFAonline
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