Surprisingly, the Association of British Insurers (ABI) has released figures that the amount of people who choose to shop around at retirement and take their open market option has fallen despite the Financial Services Authority (the industry regulator) issuing new rules that force pensions companies to tell their clients about their right to shop around and possibly get a higher pension income.
What are your rights? We explain ...........The open market option (OMO) means that you have the right when you reach retirement to find the best pension company that will pay you the highest income from the pension fund that you have built up (your annuity). Shopping around can generally find you a better deal with many not aware that if you have medical problems you could really get a serious increase in the amount of pension income your receive by applying for an impaired life annuity.
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Learn more about your retirement options in the Pensions Adviser.com.