The Pensions and Lifetime Savings Association (PLSA) comments on the FCA/TPR Call for Input: Pensions Consumer Journey.
Nigel Peaple, Director of Policy & Advocacy, PLSA, said: “It’s positive that FCA and TPR have done this joint call for input on the pension consumer journey. People struggle to engage with their pension for a range of reasons: complexity, behavioural biases, short-termism and a lack of confidence. While the regulators are right to think about the role they and the industry can play in addressing these issues – not least through better planning and engagement tools such as the Retirement Living Standards – we should not forget the important role that Government policy can play in solving these issues. This is why the PLSA believes that the default level of automatic enrolment contributions should increase to 12% around the end of this decade and that more support should be given to savers at retirement, as set out in our proposals for Guided Retirement Income Choices.”
Mark Smith, Senior PR Manager
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Steven Kennedy, PR Manager
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