Scot Eq moves on open annuity market

The open market launch follows a pilot open market option quotation system on its extranet in March, with the system now available to advisers online. Scottish Equitable says it is keen to squeeze into the annuity market, which the ABI forecasts will reach £100bn by 2010, with the pension specialist adding in the first quarter of 2005, the top four firms commanded more than an 83% share of the OMO market. Prior to the launch, Scot Eqonly offered annuities to its own customer base. It will initially offer conventional compulsory purchase annuities, which account for more than three quart...