In this section:
‘intended retirement date’ means:
‘open market option’ means the option to use the proceeds of a personal pension scheme, stakeholder pension scheme, FSAVC, retirement annuity contract or pension buy-out contract to purchase an annuity on the open market; and
‘open market option statement ’means:
the FSA’s “Your pension: it’s time to choose” fact sheet, together with a written summary of the retail client's open market option, which is sufficient for the client to be able to make an informed decision about whether to exercise, or to decline to exercise, an open market option; or
a written statement that gives materially the same information.
If a retail client asks a firm for a retirement quotation more than four months before the client’s intended retirement date, the firm must give the client an open market option statement with or as part of its reply, unless the firm has given the client such a statement in the last 12 months.
to discontinue an income withdrawal arrangement; or
to take a further sum of money from his pension to buy an annuity as part of a phased retirement,