PADA considers personal accounts annuity panel

The annuity panel is one of the major proposals PADA has prepared for an industry consultation on Personal Account decumulation options. PADA has proposed setting up a panel of providers, which members will be referred to should they reject the open market option (OMO). Upon reaching retirement, Personal Accounts members will be presented with information about the OMO and a 'focussed choice' option. The focussed choice option will consist of a panel of annuity providers who must be able to provide annuities for those with very small pots, as most pots will be less than £10,000 in the...