Helen Morrissey talks to Hargreaves Lansdown's head of pensions Tom McPhail about the challenges facing the retirement income market and how the Pensions Income Choice Association is trying to meet them.
What are the key challenges facing people trying to shop around for a retirement income? We want to get people shopping around and to do that, we have to make sure that the process works properly. For instance, many services do not provide access to income drawdown. In addition, users are not being asked if they wish to consolidate pension pots or if they want to do trivial commutation. These are all important questions. A lot of the ideas we have been pushing out at the Pensions Income Choice Association (PICA) work. The customer journey towards retirement should mean that by the tim...
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