DC Decumulation Call for Evidence
The 2015 Pension Freedoms gave savers greater choice about how to access their retirement savings. But a significant body of evidence shows the confusing range of options is potentially leading to poor decision-making and poorer retirements. Too often the complexity results in people ‘choosing not to choose’ or taking a decision that may not be in their best interests. This can have significant negative consequences for their retirement living standard.
This Call for Evidence sets out on a new solution designed to protect people who don’t engage with or understand the financial choices they face when they move towards retirement.
We encourage anyone with an interest in the future of DC retirement income to contribute your views and evidence. In particular, we invite responses from scheme members, employers, trustees and trustee boards, consumer representatives, other representative bodies, think tanks and industry stakeholders.
Please submit your response by Friday 4th September.
We’ve also published a summary of our recommendations and their advantages, and updated research into the evolution of drawdown products.