PICA

Jack Jones looks at the implications of a record-breaking exercise

The mandatory code of conduct on retirement choices for all Association of British Insurers (ABI) members, set to be enforced from 1 March, must go further to better help consumers, annuity campaigners have said.

The Pensions Income Choice Association (PICA) has issued a request for information to develop a directory of financial intermediaries.

Battle lines are being drawn over the open market option as ministers are set to decide on reform this autumn.

The open market option could be reformed "within the year" if government and industry get behind the process, the Pension Income Choice Association says.

The impact of the European Court of Justice decision on gender pricing of annuities will be insignificant compared to the effect of the "dysfunctional" Open Market Option system, an industry body warns.

People with several small occupational pensions should be able to group them together for trivial commutation, Hargreaves Lansdown head of pensions research Tom McPhail says.