Half of advisers expect boost for Omo
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Adviser are split on whether there will be an increase in the open market option over the next couple of years, according to Sun Life Financial of Canada.
The firm surveyed 245 IFAs on potential movements in the retirement market in the next two years and found half expect uptake of the Omo to increase.
Take-up of the Omo is around 35 to 40 per cent. Thirty-five per cent believe annuitants are least likely to opt for an annuity with their currentprovider.
Half believe as more retirees stagger retirement, more flexible retirement income products will grow.
Head of marketing Mark Stopard says: “The profile and expectations of the at-retirement age group have changed drastically. Customers are clearly phasing into retirement and advisers are recognising this change. Providers need to review their offerings and assess if they are suitable for the changing profile of the flexible retiree.”
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