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Number of Retirees Using Open Market Option Falling
The number of people making use of the Open Market Option to find the best annuity rates available is falling according to latest figures from the Association of British Insurers (ABI). In the third quarter of this year only 34% of retirees took up the option to shop around for best available annuity quote. This is a fall from 37.5% of retirees taking up the option in the same period of last year.
These figures are surprising and serves to highlight the need for retirees to consider all their options before they commit to purchasing their pension annuity. In the UK the Open Market Option means that people aren’t obliged to buy an annuity from their pension provider but instead they are able to look around for the best deal. Annuity rates can vary significantly between providers and so people not taking advantage of the Open Market Option may find that their wealth in retirement is reduced.
