The firm surveyed 262 IFAs and found, despite the high support for the Omo, 86 per cent of respondents believe there is not enough being done to boost consumer awareness.
The literature provided to advisers is also causing confusion, with the findings showing eight out of 10 advisers believe the information is not clear enough.
Head of marketing Mark Stopard says: “The Omo remains something that both consumers and advisers do not know enough about to the detriment of both.
“Consumers should have all the options made clear at retirement, particularly that taking an annuity from their pension provider is not their only option.
“As longevity rises and working patterns change, combined with low rates on conventional annuities, consumers are looking for alternative ways of funding their long-term future, particularly with more flexible retirement options available now.”
The research comes after Money Marketing revealed that Origen Financial Services is set to pass corporate clients with pension pots worth less than £50,000 to Legal & General and Partnership Assurance in a new deal.
The move has been criticised for taking the progress of the Omo back 15 years.