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 ...

Aviva: Retirees should be forced to shop about for an Annuity

Shop about for the best annuity ratesIn a welcome move Aviva have taken the unusual step of arguing that retirees should be forced to shop around for the best Annuity rate. The head of Aviva’s UK Life arm, David Barral, said: “The current retirement market is failing today’s retirees and the situation needs to be addressed as a matter of urgency,” he continued “without action now, this could mean serious consequences for the retirement income and security for future generations.” “Aviva is calling for changes throughout ...