MP demands radical 'NEST-style' annuity provider

David Mowat, Conservative MP for Warrington South, presented a list of five proposals to reform the annuity market during a Commons debate on Tuesday night. Mowatt (pictured) said retirees are unable to understand all the different types of annuity on the market, do not realise they can access the open market option (OMO) and are dissuaded from doing so by their incumbent pension providers. This means many pensioners buy annuities which are unsuitable for them, Mowatt said. He said the government should create a nationalised annuity provider, through which retirees could invest dir...