An on-line Annuity Service is being launched later in April as part of the Pension Advisory Service’s guide to retirement options.
Currently only a third of pension scheme members shop around – with their legal right to an Open Market Option [OMO] – to find the best annuity rate.
The tool will guide investors through their options using FSA annuity comparison
rates to assess if they are getting the best deal.
Many specialist annuity providers now exist and will give much improved annuities
for a variety of lifestyle [e.g. smoking] or medical conditions.
Just Retirement is one of these providers and has been leading an industry campaign to encourage IFAs to research OMOs for customers and also to petition for better regulation around pensioners rights at the point of retirement - looks like it is starting to pay off.
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