Recent research of leading annuity providers and experts within the industry showed that over 60% would support legislation, which compelled the use of the Open Market Option. The same research, commissioned by leading annuity administrators, Xafinity Paymaster, showed that 82% of experts said that providers will quickly adapt to the European Court of Justice ruling on gender equality and greater product innovation would result as providers sought to differentiate.
Similarly, the majority of the industry (87%) believed that the abolition of compulsory annuitisation at age 75 is little more than hype and most retirees will continue to purchase their annuity as before, albeit maybe a little later in life.
Keith Boughton, Director, Insurance and Payments, Xafinity Paymaster commented…“…the overwhelming support for some form of OMO compulsion demonstrates that the industry realises it may need legislation and, rather than complaining, it supports it. Similarly, where changes are made, such as the abolition of compulsory annuitisation at age 75, or in a similar vein the implementation of the ECJ ruling, providers just get on with it.”
Download a copy of the research findings / full report at
http://www.xafinity.com/Microsites/Xafinity-Paymaster/Services/Annuity-Administration-Services.aspx
