It has been reported this week that MGM Advantage, Living Time, Partnership Assurance, LV=, Canada Life and Hargreaves Lansdown are forming an industry group to promote a wide range of planning options for retirement.

A manifesto is being drawn up, by the so far unnamed group, with the aim to outline changes which need to be made to help educate people about their options when heading towards retirement and to help encourage people to shop around for the best rates.

It is likely that the founding firms will make up the management board of the body which has been created to compliment the ABI (Association of British Insurers). In the coming weeks a wider selection of providers, consumer groups and adviser firms will be invited to join the advisory board of the body and contribute to the industry group's work.

The body will be funded by its membership and is understood to be based upon the well respected Safe Home Income Plans equity release industry group. It is believed that Tom McPhail, who is the head of pensions research at Hargreaves Lansdown, will be acting chairman, with a permanent chairman to be announced in due course.

The industry group's manifesto will go before the advisory board in August, once approved the group will begin lobbying to influence policies within the major political parties.

For further information visit:

http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=189689

http://www.ftadviser.com/FTAdviser/Pensions/Personal/RetirementPlanning/News/article/20090708/4e01720e-6bad-11de-8c65-0015171400aa/Group-formed-to-promote-interests-of-retirement-market.jsp

http://www.ifaonline.co.uk/ifaonline/news/1433118/mcphail-heads-retirement-income-body