David Gauke: I have been asked to reply on behalf the Treasury. The Government set up the ‘Open Market Option (OMO) Review Group’ in 2011 to consider how to make shopping around for an annuity a ‘default’. Their baselining exercise showed that, in 2010, 32% bought their annuities externally. Research by the Association of British Insurers (ABI) in 2011 shows that this figure had...
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