Retirement plans 'hampered' by poor advice

Choosing the right annuity is the most important financial decision older investors are likely to make, the firm says, and many are too quick to choose products offered by their pension provider, rather than use the open market option (OMO). Marcus Carlton, director at HFM Columbus, says insurance companies often simply offer a standard annuity to pension savers as they near retirement, without evaluating what a client's circumstances. "Rather than going for a standard annuity - which may not be competitive - we would suggest looking at options such as a fixed term annuity, whereby your...