OMO is no use without advice to shape retirement choices

  

The Association of British Insurer’s (ABI) new retirement choices code of conduct was introduced on 1 March 2013, continuing the work of increasing the number of people who shop around for annuities as they reach retirement. However, searching the open market for the best rate is only relevant after the most appropriate shape and type of annuity has been chosen.

With the growing competition for business from non-advised and execution-only offerings, it is crucial advisers define and position their services correctly. They may want to set a minimum pension pot size they will advise on or pass on small cases to another firm.

Shopping around is not simply about finding the best annuity rate..

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