PBR - ABI says not enough consumers know about OMO

The comment follows the Government’s Pre-Budget Report (PBR), which says the FSA will clamp down on firms which delay implementing OMO. Maggie Craig, the ABI’s director of life and savings, says: “The market for annuities is competitive and vibrant, but not enough people are aware of all the options they have. “We agree that clear information is needed when people are considering their options, in particular about their right to shop around – you do not need to buy your annuity from the same company that you have your pension with. “We are incorporating good practice guidance on pension...