Explain the Open Market Option
Since 1975 UK retirees have had the legal right to choose who they buy their pension from, and this does not have to be you urrent provider. Comparing rates and shopping around is known as using the Open Market Option or OMO for short.
Although it might seem easier, quicker and more convenient to get your annuity from your incumbent pension provider, in reality this could cost you thousands of pounds in missed income. Shopping around only takes a short while and the result could be a substantially higher retirement income.