If you are looking to purchase an annuity when you retire, you may wish to take the Open Market Option ("OMO"). The OMO gives you the right to transfer your Personal Account to an annuity provider of your choice in order to secure the best terms available in the market. It is important to shop around as the amount of regular income you might be able to purchase could differ significantly between each provider based on your individual circumstances.
Details of several annuity brokers are listed below. Please note that these annuity brokers are listed as examples of annuity broking services on offer, and are not recommendations by the Trustee although these are all annuity brokers which the Trustee’s DC Section investment consultant has said it regards as reputable. There are other annuity brokers in the market which you could choose to use. You should be aware that brokers usually charge a fee or commission for their services and these may vary from broker to broker.
The Trustee is not able to provide financial advice and would recommend that you seek independent financial advice. lf you do not have a financial adviser, details of those near to you can be found at register.fca.org.uk.
DISCLAIMER: The purpose of this video presentation is not to provide tax or financial advice. The Trustee of the Prudential Staff Pension Scheme is legally prevented from giving financial advice. This video presentation aims to help you better understand certain aspects of your pension scheme and the choices you may have. All benefits from the Prudential Staff Pension Scheme are payable in accordance with the Trust Deed and Rules, the legal document governing the Scheme. In the unlikely event of any discrepancy between any information provided to you in this presentation and the Trust Deed and Rules, the Trust Deed and Rules will prevail.
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