PICA appoints The Annuity Exchange
Tom McPhail, head of pension’s research for Hargreaves Lansdown and chairman of PICA, said: “The reforms PICA has spent four years campaigning for have become a reality.
“More people approaching retirement will be motivated to shop around. In PICA’s manifesto we committed to introduce a new, specialist directory for those people looking to find an intermediary to help them secure a great annuity deal.
“The appointment of The Annuity Exchange follows a comprehensive tender process and now means that we are able to move towards launching the directory to investors in the near future.”
Stuart Bayliss, director at The Annuity Exchange, said: “The new intermediary directory will provide a powerful service for people who don’t have an existing intermediary.
“Choosing an annuity is a once in a lifetime decision – getting it wrong can cost people thousands of pounds over their retirement.
“The directory unlocks access to professionals that can help to demystify what can for many be a complex area.”