Pensioners choosing the open market option (OMO) are losing out on the best annuity deals due to delays by pension providers, according to income broker Rockingham Retirement.
As a result of sluggish transfers, Rockingham's managing director, Steve Hunt, is calling for a crackdown by the FSA to ensure pension savers can secure the best annuity rates in a volatile market. Rockingham says annuity rates have held up well despite tumbling equity values, but warns volatility in the market means pensioners must move quickly to secure the best retirement income. The firm is frustrated with delayed transfers by pension providers for clients who are choosing the OMO, and Hunt has written to them to express his concerns. I have asked the CEO's of the top insurance co...
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