OMO

So Budget day was another busy day for the PP team with further cuts to the lifetime allowance and plans for a secondary annuity market unveiled.

A "radical rethink" is underway in the annuity market following the sweeping Budget changes but concerns over fund depletion remain, according to Equinity Paymaster.

Buzz respondents firmly rejected Steve Webb's latest idea to help consumers in the annuity market.

Labour pensions spokesman Gregg McClymont has denounced pensions minister Steve Webb's suggestion of switchable annuities as a "non-starter".

Fewer than one in four major employers say their scheme has a specific ‘decumulation strategy' in place to help retirees get the best annuity, research finds.

Data from The Pensions Regulator (TPR) shows 97% of surveyed DC schemes provide support to members wishing to exercise their open market option (OMO).

Premier has launched an online service to help scheme members make more well-informed decisions at retirement.

Trust-based defined contribution schemes are still not doing enough to help members shop around for the best annuity, say Buzz contributors.

Just Retirement has launched a medically underwritten buy-in service aimed at small and medium-sized defined benefit schemes.

The Pensions Income Choice Association (PICA) has issued a request for information to develop a directory of financial intermediaries.