MetLife has added further weight to calls for fundamental reform of the open market option after the provider joined the Pensions Income Choice Association board.
MetLife product marketing director Peter Carter becomes a board member of Pica, 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.”
Last month, Money Marketing revealed that shadow pensions minister Rachel Reeves is preparing to ramp up pressure on the Government to reform the Omo.
A DWP-led Omo stakeholder working group, appointed by the Treasury, is currently assessing the practical steps required to make shopping around the default option at retirement.