Annuities: No figures to show how many people shop around for the best Annuity rates

The Association of British Insurers (ABI) has admitted that it cannot produce figures to show the percentage of people who use the Open Market Option and shop around at retirement for the best Annuity rate. Benefits of the Open Market Option The Open Market Option, or OMO as it is sometimes called, allows retirees to shop around for the best Annuity rate by using an online pension Annuity calculator or by taking advice from an Independent Financial Adviser. Shopping around has real benefits, an Annuity rates comparison between the best and worst provider can show a difference of up to 40% in the ...