PICA urges politicians to reform open market option
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The Pensions Income Choice Association is urging all political parties to include open market option reform in their election manifestos.
The lobby group says by improving the shopping around process pensioners could benefit from an additional £3.3bn in income over the next 20 years.
Pensioners would receive on average an extra £166 a year while tax revenues for the Treasury would be increased by £1.7bn, according to PICA.
Chairman and Hargreaves Lansdown head of pensions research Tom McPhail says: “When they are not throwing mud at each other, all politicians talk about these days is cutting spending and raising taxes.
“Here is a way to raise additional tax revenue and to deliver higher incomes to pensioners. We urge all the parties to include in their manifestos a pledge to make the open market option the default retirement process for all pension investors.”
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