The launch of PICA's first report into raising awareness of at-retirement options has given the industry food for thought. Helen Morrissey asks how the recommendations will be taken forward
The emergence of the Pension Income Choice Association (PICA) has been well received by an industry desperate to help people become more engaged with their at-retirement options. While there have been several provider-led initiatives aimed at raising awareness of the open market option (OMO), take up rates have remain stubbornly around the 40% level for several years. In the recently launched report Optimising Value in Retirement PICA put forward a series of recommendations aimed at making people more aware of the options available to them. These included making OMO the default process fo...
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