PICA renews calls for trust-based member OMO cover

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 mand...