'More education needed' to promote open market annuity option

People considering pension annuities should be offered more details of the open market option, an expert believes.

Rockingham Retirement's Director of Corporate Communications Laura Goodman feels that, in particular, a number of women may need to improve their awareness of retirement planning in the near future.

She commented: "We have to make people aware that they can exercise the open market option, they can exercise their choice and choose the right annuity product for them."

At present, the media may not be doing enough to encourage female members of the population to focus on retirement finance, the expert suggested.

Women might be "vulnerable" if they fail to make sufficient pension savings, according to Ms Goodman.

Earlier this month, Standard Life suggested that problems may arise for women if their partners only leave them with a single life annuity when they pass away instead of a joint life product.

Posted by David Shuker.