Fair Investment Company says OMO could boost pension calculator result

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Fair Investment Company says OMO could boost pension calculator result

It is important for people to exercise their right to use the Open Market Option (OMO) when it comes to annuities, according to a spokesperson from the Fair Investment Company.

Head of investment and pension research at the firm George Ladds cited ABI research that showed 23 per cent of individuals do not shop around for their annuity because they have a small amount to invest.

However, he claimed that it is worth while for everyone, no matter how much money they have saved up in their retirement products.

"You should always exercise your right to use the OMO; with our service you could get more than 30 per cent more for your pension pot, whatever its value," said Mr Ladds.

The Fair Investment Company recently announced the launch of a new annuity service, which it is offering alongside The Annuity Team.

At the time, Mr Ladds explained that the facility was designed to make the process simpler for customers.

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