Friends Life has announced a partnership with Key Retirement Solutions, to offer its pension customers, without an adviser, access to a market-wide "open market option" (OMO) service. This will allow customers to shop around for the best annuity rates, taking into account lifestyle and health factors.
A pilot of the service is expected to launch in the next few months and follows a "thorough process" to select a new partner. The service is available to individual Friends Life customers and and those within corporate schemes run by the insurer, where no adviser exists.
On the same day as this announcement, workplace pensions provider, Now: Pensions has also said that it will be launching a similar OMO service with Annuity Direct.
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