The ABI Options Campaign

The Options Campaign, launched in October 2008, aims to improve turnaround times and standardise the annuity transfer process with an electronic system. So far 15 providers, accounting for more than 90% of annuity business, have signed up to the scheme with more expected to follow

Annuity purchase has always been the popular option for people looking to convert their pension pot into a retirement income. Up until now the industry's focus has been quite rightly on ensuring these customers get the best deal possible. As a result we have seen increased emphasis on the open market option (OMO), which enables advisers to search all annuity providers to secure the best retirement income possible. However, one issue that continues to cause concern is what happens once the right annuity is found. The best annuity may not be with the provider that the client has saved with...