L&G: Forcing OMO 'counterproductive'

Its comments come after the Pensions Income Choice Association (PICA) called for the provision of a default annuity option in communications to at-retirement investors to be removed. Instead, PICA said people about to purchase an annuity should be sent a "pension passport" to help them access the Open Market Option (OMO). This move, PICA said, could help pensioners generate up to an extra £7bn in retirement income. However, Tim Gosden, head of annuity product development at L&G, said for some investors it is inappropriate to remove the default option from communications with invest...