Do not rely on your pension provider for a good deal

Don't bank on the insurance company or Pension Provider to tell you what you need to know when it come to retiring.  So says the Times in the article today on Open market Options.  Nor it appears can you rely on the FSA doing much about it.

The Times has pointed out that Pension providers have been failing in the regulatory requirements to advise and inform their policyholders of their rights and options.  It also appears those that many who do meet these basic minimums place penalties on anyone wanting to make the nest use of their legal options.   This action effectively megating the value of their legal rights.

You can read the whole sorry tale covering Open Market Options and the attitude of Standard Life to its policy holders in the Times using the Link below.

An Open Market Option is a valuable and worthwhile option but its benefits are negated if the provider with whom you have saved for many years decides to impose a penalty if you decide to exercise your rights! . 

In very simple terms it means you can shop around with your pension pot to find the best deal for your final pension. (This is best done with the help of an IFA who alone can check the whole market)