Improvements in OMO could generate £3.3bn extra income

The research, carried out across the South East, London and Manchester earlier this year asked groups with retirement funds of between £5000-£100,000 to discuss their experiences of converting a pension into a retirement income. A majority of respondents who had already retired pointed to the volume of paperwork and use of jargon as key complicating factors in the process. Again, the majority of participants demonstrated little knowledge of the open market option and its impact on their retirement income while those with smaller funds felt that shopping around was only appropriate for...