Fewer pension savers are taking the open market option (OMO) when purchasing a retirement income product, according to the Association of British Insurers (ABI).
ABI business data released today showed just 169,000 retirees decided to turn down the annuity offered by their pension provider in 2008, down from 170,000 in 2007 and representing just 37% of all annuity contracts. This is despite the total number of annuities purchased rising by 4.4% to 452,000. Retirement income specialist, Rockingham Retirement, says the 'disappointing' data shows insurers aren't doing enough to make customers aware of the products available to them in retirement. Steve Hunt, managing director of Rockingham Retirement, says UK pensioners are losing out on more than ...
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