Just Retirement welcomes government initiative on OMO

Money News

www.moneynews.co.uk > Pensions > Just Retirement welcomes government initiative on OMO

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Just Retirement welcomes government initiative on OMO

Just Retirement has welcomed the government's calls for more transparency in the annuities market saying that pensioners need a better understanding of the Open Market Option (OMO).

According to the pension fund, only 11 per cent of annuitants are exercising their right to shop around for the best deals meaning that all together they could be missing out on around £500 million a year.

Research released recently by the Treasury showed that 60 per cent those claiming annuity from a personal pension do not use the OMO.

Just Retirement's head of retirement solutions Nigel Barlow said: "HM Treasury's review highlights the task faced by the industry in improving the use of the OMO.

"Put simply, this will only improve when understanding amongst retirees is improved."

Earlier this week a survey by pension provider Birmingham Midshires showed that 49 per cent of over-55s were worried that their current pension payments would not leave them enough to retire comfortably on.

Click here for more pensions newsADNFCR-323-ID-18901457-ADNFCR

Related News : Pensions

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet