Just Retirement acquires OMO software firm

Life assurance group Just Retirement has acquired The Open Market Annuity Service (TOMAS) in a bid to streamline annuity shopping.

TOMAS provides bespoke software to people managing and advising on pension schemes, which helps them to guide members into annuities at retirement via a platform providing annuity quotes.

It has been acquired from Belfast-based advice firm Kerr Henderson Financial Services for an undisclosed sum.

Just Retirement CEO Rodney Cook said TOMAS's work was proving critical in attempts to encourage consumers to use the Open Market Option.

Scott Fulton, associate director of external affairs at Just Retirement, says: "TOMAS is important to two of our central policies: encouraging the OMO, which it does by providing one-stop access to lots of annuity quotes, and the use of technology to simplify the process for advisers and scheme managers."

Michael Kerr, managing director of Kerr Henderson, says: "Kerr Henderson is very proud of what TOMAS has achieved in the past few years and I am sure with Just Retirement's support the business will continue to flourish."