What is the Open Market Option?

If you are buying an annuity, the Open Market Option (OMO) is the right you have to buy your annuity from any provider. Even though it might be the easiest thing to do, you do not have to buy your annuity from the company you have been saving with, and you should bear in mind that you might get much better value from another provider.

if you are a member of an occupational pension scheme, you may find that the trustees will carry out an OMO search on your behalf. In other circumstances, you will probably need to take financial advice.

Note: This content is provided as general background information and should not be taken as legal advice or financial advice for your particular situation. Make sure to get individual advice on your case from your union, a source on our free help page or an independent financial advisor before taking any action.