NAPF proposes national annuity brokerage

It said the government should monitor the success of the open market option (OMO) more closely, as the "unfair" way most annuities are currently sold is wiping up to £1bn off retirees' future income. The NAPF said if take-up of the OMO does not improve, the government should intervene with a national system. With auto-enrolment due to begin this year, the number of people receiving sub-standard annuities could triple, the NAPF warned. The organisation blamed the OMO failure on a lack of financial advice for small pot holders, a lack of financial literacy amongst retirees, and a lac...