The Pensions Income Choice Association (PICA) has pushed Steve Webb to ensure 2.5 million members of trust-based pension schemes are covered by the forthcoming industry code of conduct.
The voluntary code of conduct, set to come into effect in March next year, will ensure all contract-based members are offered information about shopping around for an annuity. However, the 2.5 million people in trust-based schemes will not be covered.
Board member Steve Lowe said he had raised the issue with Webb at the recent Liberal Democrat conference.
PICA wants The Pensions Regulator (TPR) to sign up to the code of conduct and is pushing the pensions minister to
Lowe said: "A two tier system will operate from March next year. We are pushing for Steve Webb and Bill Galvin [TPR chief executive] to make sure these members get the same protection as the rest of the retail customers."
FCA consultation response
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