open market option

The Department for Work and Pensions (DWP) has revealed its opposition to advice as a solution to poor open market option (OMO) uptake.

Helen Morrissey looks at the ABI's recent proposals to increase use of the open market option and asks if they go far enough.

Making shopping around for an annuity the default option for all investors will be "counterproductive", Legal and General (L&G) warned.

While lifetime annuities remain the most popular at-retirement product further innovation is needed to meet the needs of the market according to the Xafinity Annuity Industry Study.

Aston Goodey, director of sales and marketing at MGM Advantage, highlights the importance of using the Open Market Option to secure the best retirement solution.

The ECJ has outlawed the use of gender in underwriting, which is likely to lead to a fall in annuity rates for men and increased costs for all.

Enhanced annuity provider Just Retirement has joined the board of the Pensions Income Choice Association (PICA).

People with several small occupational pensions should be able to group them together for trivial commutation, says Hargreaves Lansdown head of pensions research Tom McPhail.

The DWP will look into improving annuity rates for people with pension pots of under £5,000, pensions minister Steve Webb says.

A TV advert for Aviva, in which the insurer claims it can provide 20% more income for annuity customers, has been banned by the Advertising Standards Authority (ASA).