Age UK demands providers promote OMO better

The survey of 2,000 people showed 31% of those who have a defined contribution or voluntary contribution pot were not made aware by their provider that they can shop around for an annuity. A third did not know about the open market option (OMO) and 38% were not aware medical conditions and lifestyle factors can affect their annuity rate. Age UK managing director Gordon Morris said he was disappointed to see customers being let down by some pension providers who need to be clearer about the OMO. "This is a once in a lifetime purchase, so the industry as a whole has to do more to sup...