OMO pensioners 50 times more likely to get enhanced annuity

Tom McPhail, chairman of the Pension Income Choice Association (PICA), says the figures show there are clear advantages to encouraging people to take up the OMO. ABI figures show just 0.5% of people buying an annuity from their existing provider took up an enhanced option, compared to 24% of those purchasing their annuity on the open market. Further ABI statistics show the take-up of the OMO is actually falling, down to 34% in the third quarter of 2009, compared with 37.5% in the same period of 2008. McPhail is urging the Government to take action to ensure more people are able to ...