What's an open market option?
Updated 01 September 2014
When you use your pension savings to buy an annuity, you do not have to buy it from your pension plan provider. Instead, you can buy it from any annuity provider in the market. This is called an open market option, or OMO for short.
Retiready does not offer annuities, and so when you buy your annuity from your Retiready Pension, you'll have to choose an open market option annuity.