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 ...
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