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Open Market Option

The Open Market Option (also known as an OMO) was introduced in 1975 and is designed to give you the option to shop around for a better annuity, rather than being tied down to your default pension provider.

Whilst the Open Market Option can give you up to 40% more income in retirement, many people aren’t aware they can shop around in the first place, which often means they aren’t getting the best deal in retirement.

Your pension provider is obliged to remind you of your right to shop around for a better annuity, but we understand that you don’t always have the time to compare rates before committing to a single option, which is why our team of professional advisors will do all the hard work on your behalf. This service is FREE and you are under no obligation to make a purchase.

When you purchase an annuity, you are then tied in to it for the rest of your life, so it’s incredibly  important that you are aware of your options before you take the next step.

Maximise your pension with the Open Market Option

At Simply Retirement we will help you find the best income, based on your individual circumstances and preferences. Whether you are looking for a joint/spouses annuity for both you and your partner,  or if you take any medication or smoke, we’ll find the best annuity for you.

We research the marketcompare annuity providers and give you one simple, easy-to-understand quote that explains how much you can expect to earn when you retire.

To get started, all you need to do is complete our quick and easy form on the right. We’ll do the rest for you.

    Maximise your pension!

    Complete this form to find the best annuity rates from the whole market

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    Why take Drawdown advice?

    The Financial Conduct Authority (FCA) produced a report called the Retirement Outcomes Review (MS16/1.3) in June 2018 which commented on how benefits were being taken since the Pension Freedom and Choice legislation was introduced in April 2015.

    Final Salary Pension Schemes

    This will effect you if you have a deferred Final Salary Pension plan or Defined Benefit Pension. If you are a deferred member, i.e., you have left your employer but the pension is not due for payment until your normal retirement date (65?), your right to a Cash Equivalent Transfer Value (CETV) may be affected.

    Budget 2014 – The key changes for annuities

    Using a Fixed Term Annuity or Drawdown will allow you to access 25% of your fund as a tax free lump sum and leaves the remainder of your benefits to be accessed under the further changes proposed from 2015. Therefore, in the interim, this leaves the door open for your options.