Open market option
The open market option (OMO) refers to the provision of defined contribution schemes allowing members to transfer funds at retirement and purchase an annuity from an alternative provider.
This means the person who wants to buy a pension is not tied into choosing from a limited range of options. However, many people fail to take advantage of the open market option and lose out on potentially higher returns as a result.
OMO’s are available from private pension providers and can provide opportunities to open up an individual’s retirement savings to the best current provider of an annuity.
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