Pensioners miss out on open market options
Research provided by Just Retirement reveals that pensioners are not taking advantage of the Open Mark Option (OMO) facility when they reach retirement. They estimate that £500m per year is being lost as the open market option is not being utilised.
At a basic level, Open Mark Options let’s a pension plan holder select the highest annuity rate on offer, giving an increased income each and every year. An Independent Financial Adviser (IFA) can offer this simple service to research the best annuity rates. Just Retirement state that about 40 per cent of Britons could be entitled to an enhanced annuity. Enhanced annuities are granted to people with certain medical conditions.
As with all pension and retirement planning, it is essential to seek pensions advice from an IFA who is experienced in this field. It could well make you better off.
