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Article: Open market option 'should be' mandatory.

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Financial Advisor
Article date:
July 17, 2008
Copyright

Byline: James Redgrave

Department of work and pensions report says public awareness of the impact that open market option will have on pensions remains "very low"

Exercising open market options should be compulsory, a senior product designer has warned, following government research showing people do not understand the process.

According to a department of work and pensions report pensioners are missing out on retirement income because they believe taking their open market option is "complicated, time-consuming and not worth the effort".

The report, Information Needs at Retirement: Focusing on Annuitisation Decisions, published last ...

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