Warning OMO failure costs pensioners £124m extra per year

KRS said customers using its annuity brokerage service receive on average 21% more than the quote given to them by their pension provider. This equates to £248 per year extra per pensioner, the adviser said. With 500,000 annuities bought per year, this means pensioners could be missing out on £124m in total by buying inappropriate retirement products which do not take into account their health conditions and life expectancy, KRS said. KRS group director Dean Mirfin said: "It is simply wrong that people accept the default option from their pension provider when they could increase thei...