Aegon joins open market group Pica

16 September 2009 9:17 am

Money Marketing revealed in July that MGM Advantage, Living Time, Partnership Assurance, LV= and Canada Life had teamed with Hargreaves Lansdown head of pensions research Tom McPhail and Bluefin Group corporate consulting managing director David Tildesley to lobby for a greater range of retirement planning options.

Pica is working on a white paper to try to influence the agendas of the major political parties before next year’s election. This manifesto is set to launch next month.

McPhail is the group’s acting chairman, with a permanent chairperson to be announced shortly. It is understood former Aegon Scottish Equitable director of pensions development Stewart Ritchie, who retired last year, was approached for the role but declined.

Other providers, advisers and trade and consumer bodies will also be invited to take part in an advisory capacity.

McPhail says: “We certainly feel Aegon brings an extra dimension to the management committee because of its very high profile and broad interest in retirement areas and products. With the market as it is today, the emergence of personal accounts and the increasing focus on defined contribution pensions, greater uptake of choice at retirement has never been more important.”

Aegon head of pensions development Rachel Vahey says: “We believe many more people approaching retirement should be aware of their options to ensure people are accessing the most suitable products. We look forward to being part of Pica to help make this a reality.”

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