The Pension Income Choice Association (PICA) is continuing to lobby for trust-based members to be covered by the open market option (OMO) as standard.
PICA board member and Just Retirement director Steve Lowe said while contract-based DC members were now offered the OMO as standard, about 2 to 3 million trust-based pension holders were not given the same opportunities.
This is due to the trust-based market being regulated by The Pensions Regulator (TPR), which he said had so far not signed up to the Association of British Insurers (ABI) compulsory code for annuity providers.
He said: "PICA's job is not finished. Trust-based is not covered. Between 2 to 3 million members are covered by TPR who will not get the protection of that mandatory code. They could still get a second tier service.
"We are campaigning to get those members. It is not quite over yet, there is still more pushing to do."
Lowe (pictured) also said it was likely the number of providers writing annuity contracts would fall as it became less profitable, due to the European Union gender ruling and other macroeconomic factors.
He said it was likely more providers would outsource writing annuities to specialists, or set up their own shopping around service that would "be a threat to IFAs".
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