The Pensions and Lifetime Savings Association (PLSA) has responded to the Financial Conduct Authority’s (FCA) Retirement Outcomes Review – Interim Report Consultation (click for background).
Commenting on the response, Graham Vidler, Director of External Affairs at the Pensions and Lifetime Savings Association, said:
“The time is right for some fresh thinking to get the pension freedoms working for all savers. We believe Government and the FCA should take the lessons learnt from automatic enrolment and use them to develop a flourishing at-retirement market.
“The vast majority (84%) of retirees tell us they want an income from their pension savings. But there is no easy or obvious way for retirees to find a good quality income product for those who cannot or choose not to engage with complex financial choices. We think that trustees should be able to select an appropriate income product for their scheme membership and signpost their members to it.
“Of course, retirees would be free to disregard this steer and make their own choices but providing clear signposting would help those who might otherwise have struggled to make a decision. Pension freedoms should not be about leaving people behind but helping everyone – irrespective of their level of engagement – make better choices.”
NOTES TO EDITORS
A copy of the full PLSA response can be found here.
Lee Blackwell, Head of Media & PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073 023, E: [email protected]
Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007713, E: [email protected]
Research – From the PLSA’s Report “Pension Freedoms Breaking the Deadlock” – Research Undertaken in March/April 2015 – on more than 1,100 people aged 55 to 70 (Link to Full Report)
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.