Income Drawdown vs Annuity

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Exploring your Open Market Option

By not exploring your OMO you could lose out on up to 35% extra retirement income.


What is an Open Market Option?

An Open Market Option (OMO) is your right to move your pension fund to whichever company offers you the best pension for your money. When your pension is due to be paid, your existing provider will send you an indication of the amount of pension they can offer from the funds accumulated. You have the ...

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Pensioners worry about their financial future

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Prudential has published research showing that 43 per cent of pensioners are worried about whether they will be able to get by long-term on their level of income.

On retirement, individuals have the option to take a tax-free lump sum payment from their pension fund, using the remainder of the fund to purchase an annuity. However, one in ten pensioners are now questioning whether they were wise to take a lump sum from their pension fund and spend it.

Despite this, of ...

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