The pensions industry is crying out for a ‘campaign of change' as retirees are failing to take advantage of their pension rights under the Open Market Option (OMO), Living Time says.
The retirement income specialist argues more and more consumers are locking into “outdated” lifetime annuities without ever being aware of higher paying income plans or more flexible alternatives. It has launched its ‘Offer More Options’ campaign in a bid to drive change in the industry and is inviting advisers and providers to register their views on the issue. “This is not just about finding the best income on a lifetime annuity, this is about picking the most suitable retirement income product at the right time from all the alternatives on the market,” says Living Time sales and market...
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