Today the Financial Conduct Authority (FCA) published its final Retirement Outcomes Review report and launched a consultation on a package of measures to improve consumer outcomes at retirement.
Responding to the FCA’s announcement, Nigel Peaple, Director of Policy and Research, Pensions and Lifetime Savings Association (PLSA), said:
"The pension freedoms have resulted in savers needing to make extremely complex decisions at retirement, and we know people are often making these on their own. It’s therefore absolutely right the regulator is consulting on introducing ‘investment pathways’ where providers would offer a small number of options that meet the majority of people’s needs.
“While people should always be encouraged to make active decisions, the PLSA has long said pension trustees and Independent Governance Committees (IGCs) should be able to signpost savers to suitable products which meet Government standards. We also agree with the regulator’s proposals to give IGCs greater oversight over decumulation options, and to improve consumer engagement. Changing the current ‘wake up packs’ and communicating earlier and more regularly with savers are reforms that are urgently needed.”
NOTES TO EDITORS
Robyn Margetts, Head of Media and PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073023, E: [email protected]
Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007 713, E: [email protected]
ABOUT THE PENSIONS AND LIFETIME SAVINGS ASSOCIATION
We’re the Pensions and Lifetime Savings Association; the national association with a ninety year history of helping pension professionals run better pension schemes. Our members include over 1,300 pension schemes with 20 million members and £1 trillion in assets, and over 400 businesses. They make us the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels.
Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.