UK - The £2.7bn J. Sainsbury pension fund is to offer an open market annuity option to its members.
Scheme members will be provided with access to an annuity search engine that will enable them to search for the most competitive annuity on the market for their needs. The average Sainsbury pension fund pot is around £10,000, which is usually considered to be too small a fund to be offered an open market option.
The option is to be offered by Hargreaves Lansdown.
Pensions development manager Danny Cox said: The DWP's annuity consultation document expresses a real concern that most people are unaware of the options available to them at retirement and few take advantage of the open market option.
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