TPR: 97% of DC schemes provide OMO support

According to the regulator's Scheme Governance Survey the number of schemes offering no support reduced from 15% in 2011 to 3% in 2013. There was a large increase in the number of schemes appointing an annuity broker to search the market. Over half (52%) of schemes offered this in 2013 compared to 39% in 2012. In addition 93% encouraged scheme members to take independent advice up from 86% in 2012. Overall 21% of schemes surveyed said all of their members used the open market option. A further 13% said between 81-99% did so. Only 26% said less than 20% of their members exercised th...