Oh No, OMO!

  • Story by: Anna Lawlor
  • Magazine: FinancialAdviser
  • Published Thursday , June 12, 2008

Open Market Option. OMO. While it kind of does say what it is on the tin, it’s hardly going to win any awards from the ‘Plain English campaign’.

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So, we can hardly blame people approaching retirement for not taking to their heels and marching en masse to their nearest IFA, demanding to exercise their “OMO” by searching for the best, most suitable annuity (if not drawdown or ‘third way’) product for them, and expecting to get it at the best available price.

Having explored this topic for a forthcoming FA feature, I was shocked that this process is not a default, but something people have to effectively ask for.

To read the latest Money Talks blog click here.

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