An industry initiative to raise awareness of the open market option and decumulation choices has been formally named as the Pensions Income Choice Association (PICA).
The group - which has also announced that Aegon has joined its membership - which also includes LV=, MGM Advantage, Living Time, and Partnership.
PICA was launched in July and is currently building a white paper to form the manifesto of the group moving forward and kick-start the public policy campaign.
Hargreaves Lansdown head of pensions research Tom McPhail is the group's acting chairman. He said: "Last year only 37% of those buying an annuity exercised their right to shop around on the open market.
"This is likely to be the proportion with the largest sums to invest, but it is often those with smaller pension pots who have a need to make the most of their income."
Aegon head of pensions development Rachel Vahey added: "We believe that many more people approaching retirement should be aware of their options than is currently the case, to help ensure people are getting access to the most suitable product for their needs."
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected