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Fidelity backs Pica Omo push

The Pension Income Choice Association has had a boost for its campaign for improved retirement choice after Fidelity Investment Managers backed its stance on the open market option.

Pica is calling for the current policy, where an annuity is the default option, to be scrapped and replaced with a new three stage communication procedure that offers more choice and information to consumers.

Fidelity UK managing director Gary Shaughnessy, who has joined the Pica board, says: “Fidelity is opposed to the single default option which only directs people to purchase an annuity. We believe the choice should be properly informed, allowing people to choose the solution which is best for their individual circumstances.”

Hargreaves Lansdown head of pensions research Tom McPhail, who is chairman of Pica, says Fidelity’s support demonstrates the “breadth of demand for reform” across the retirement and investment community.

He says: “It is vital that we press ahead with reform of the outdated Omo system.”

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