OMO more important than pensions/earnings link- McPhail

Laura Miller
clock

Re-linking pensions with earnings will not profit retirees as much as knowledge of the open market option (OMO), says Hargreaves Lansdown's Tom McPhail.

Both the Tories and Liberal Democrats have pledged to immediately restore the link between the basic state pension and earnings if they take power on 6 May. But head of pensions research McPhail, who is also chariman of the Pensions Income Choice Association, says if politicians want to support people better in retirement they should push the OMO, instead of point-scoring over the earnings link. "Shopping around for a pension will deliver a more significant improvement in provision over the next five years, the life of the next Parliament, than re-linking pensions with earnings," McP...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on uncategorised

'Quality is the golden thread' – why Benchmark won Best Advice Network

'Quality is the golden thread' – why Benchmark won Best Advice Network

PA Awards 2026 winner shares secrets to success

Professional Adviser
clock 29 April 2026 • 3 min read
Women in Financial Advice Awards 2026: Nomination deadline 8 May!

Women in Financial Advice Awards 2026: Nomination deadline 8 May!

Awards to be held at Hilton Bankside in London

Professional Adviser
clock 14 April 2026 • 1 min read
Editor's message: When new beginnings come together

Editor's message: When new beginnings come together

Professional Adviser will be back on Tuesday

Jen Frost
clock 02 April 2026 • 1 min read