The industry group set up to raise awareness of the Open Market Option (OMO) at retirement has been renamed the Pension Income Choice Association (PICA).

The group, which is funded by its membership companies, is building a white paper to form the manifesto of the group moving forward, and is working to start the public policy campaign.

The group's acting chairman, Tom McPhail, head of pensions research at Hargreaves Lansdown, said: "Last year only 37 per cent of those buying an annuity exercised their right to shop around on the open market. This is likely to be the proportion with the largest sums to invest, but it is often those with smaller pension pots who have a need to make the most of their income."

AEGON is the latest business to join the group, which McPhail said will add weight to the campaign.

Rachel Vahey, head of pensions development at AEGON, added: "We believe that many more people approaching retirement should be aware of their options than is currently the case, to help ensure people are getting access to the most suitable product for their needs. We look forward to being part of PICA to help make this a reality."

PICA also includes LV=, MGM Advantage, Living Time, and Partnership as part of its group.

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