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For customers and scheme trustees Open market option instruction Please read these notes before filling in this instruction About this instruction Only complete this instruction if you want to use

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What is open market option instruction?

Open market option instruction is a process where an individual who is reaching retirement age can choose to take their pension fund and use it to purchase an annuity from an insurance company.

Who is required to file open market option instruction?

Individuals who are approaching retirement age and have a pension fund are required to file open market option instruction.

How to fill out open market option instruction?

To fill out open market option instruction, individuals need to contact their pension provider and request the necessary forms to start the process.

What is the purpose of open market option instruction?

The purpose of open market option instruction is to give individuals the flexibility to shop around for the best annuity rates from different insurance companies.

What information must be reported on open market option instruction?

Open market option instruction must include details of the individual's pension fund, retirement age, and annuity choices.

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