OMO

Fewer pension savers are taking the open market option (OMO) when purchasing a retirement income product, according to the Association of British Insurers (ABI).

Poor advice from pension companies, and a lack of knowledge among consumers, is having disastrous consequences for those approaching retirement, according to HFM Columbus.

Creating a simplified annuity process for Personal Accounts members could hamper consumer choice, according to providers.

The highest annuity rates for six years combined with increased longevity could boost pension income by 10%, but rates are ‘unlikely' to climb further, according to Annuity Direct.

The ABI (Association of British Insurers) is set to launch a new industry-wide electronic information exchange in December which should help cut OMO payment times to an initial 30 days.

Living Time has warned the Treasury not to use the current economic turmoil as an excuse to drop the promised OMO update from the forthcoming Pre-Budget Report.

Living Time has launched a series of papers for advisers eyeing the growing opportunities in the retirement income market.

The stranglehold traditional annuity providers have on the market is making a mockery of the principles of treating customers fairly.

Results of the FSA's thematic work on open market options (OMO) is a step in the right direction, but the message must be stronger if consumers are to benefit from the highest level of retirement under the OMO, according to Jason Walker, senior manager...

The Association of British Insurers (ABI) has responded to concerns too many pension scheme members are unaware of the Open Market Option (OMO) by publishing new guidance to providers.