The Pensions Regulator urges the industry to offer more guidance to members

Calls for a reform of the open market option have been made by the TPR. Guidance has been released to encourage members to search for suitable annuities. The Pensions Regulator (TPR) has called for a reform of the open market option (OMO) to make it easier for scheme members to make better decisions about their retirement income. TPR has released new guidance in a publication called Making Your Retirement Choices to encourage members to shop around for annuities. The regulator said trustees and providers "could do more to issue clear calls to action while encouraging members to shop around for the best annuity deal".