Many people receive their retirement packs from their pension providers and simply complete and return the forms, accepting the annuity income offered by them without utilising the Open Market Option (OMO). This could mean they are losing out on income in retirement.
The advice and service provided by financial Intermediaries is crucial in helping clients make the most of the OMO by shopping around for a better annuity income, as shown in the graph to the left.
Not only is helping your clients access the OMO demonstrably treating customers fairly, particularly if you take medical and lifestyle factors into account but, more importantly, it helps ensure that your clients get the best annuity deal.
Some essential questions to consider asking a client include:
Sometimes, if a client qualifies for an enhanced annuity, it's worth taking another look at some of the options that may have been discounted due to cost. Our 'Cost of Options' sales aid help you understand this and can be downloaded here.
Quick Links Take a look at our film the 'Journey into Retirement'.
Learn more about our annuity tools