OMO

The pensions industry is crying out for a ‘campaign of change' as retirees are failing to take advantage of their pension rights under the Open Market Option (OMO), Living Time says.

Openwork Market Solutions (OMS), Zurich Financial Services Group's specialist IFA, has become the official distributor for Living Time's fixed term annuity plans.

A full list of people nearing retirement would be the Holy Grail for product providers offering the open market option (OMO), says Living Time.

Pension providers must improve service to customers taking out annuities, says a Prudential-hosted panel.

A total of 46% of people who had paid into either a company or personal pension know about the open market option (OMO) and that they would not fall under any obligation to buy their annuity from the same company that holds their pension fund, according...

The Government should forbid annuities providers from only submitting their own quotations to existing clients, says retirement income specialist Living Time.

The Government will launch an advice website for consumers following the open market option (OMO) review.

Not enough people know about the open market option (OMO), according to the Association of British Insurers (ABI).

Around 10% of Addition Voluntary Contribution schemes are failing to offer members the Open Market Option on annuities despite a legal requirement, claims Hewitt.

Government amendments to the Finance Bill 2007 could encourage more people to make use of the annuity Open Market Option at retirement, says Standard Life.