MetLife has joined the Pensions Income Choice Association board, adding further weight to calls for fundamental reform of the open market option.
Product marketing director Peter Carter has joined the board, which is urging policymakers to make shopping around at retirement the default for investors.
Carter says: “We have been strong supporters of Pica since its inception and are now focused on helping to drive innovation through our closer involvement with the group.
“We support the idea of the default Omo and are keen for Pica to help drive a better solution for retirees.”
Carter will sit on the board alongside representatives from Just Retirement, LV=, MGM Advantage, Partnership, Fidelity, Living Time, Hargreaves Lansdown and Bluefin Group.
Last month, Money Marketing revealed that Labour Shadow pensions minister Rachel Reeves is preparing to step up pressure on the Government to reform the Omo.
A DWP-led Omo stakeholder working group appointed by the Treasury is assessing the practical steps required to make shopping around the default option at retirement.