Annuity providers urged to offer quote comparisons

Living Time believes providers should instead send their customers an FSA fact sheet explaining the different options available. Its comments follow the Pre-Budget Report (PBR) earlier this month which highlighted the Government’s intention to encourage consumers to use the open market option (OMO) for annuitites. Peter Quinton, director of Living Time, says the industry must do more to raise consumers’ awareness of OMO. He says: “You really want to bring to the attention of the retirees the significance of the decision. They are going to be retired for 20 years and with some of these p...