The Pensions Regulator (TPR) is urging trustees to respond to a
consultation on targeted support.
Today (Monday), the Financial Conduct Authority (FCA) published
proposals to allow firms to offer a new type of help called
‘targeted support', enabling them to make suggestions to groups
of consumers with common characteristics.
Trustees are among the stakeholders the FCA is seeking input
from, especially regarding how this support could work in
practice within occupational schemes.
Patrick Coyne, TPR's Interim Director of Policy and
Public Affairs, said: "It is clear savers need more help
to make good retirement decisions. Targeted support and the
Guided Retirement Duty are both so important if we are to help
savers make the best decisions for them and we want to work with
trustees to get this right.
"This is an important consultation, and views shared will also
help inform the implementation of Guided Retirement and the
evolution of the wider regulatory framework. I encourage trustees
to respond to make sure targeted support works for savers.”
Notes to editors
- More information on the FCA's consultation is available on
their website: CP25/17: Supporting
consumers' pensions and investment decisions: proposals for
targeted support
- The Pensions Regulator is the regulator of work-based pension
schemes in the UK. Our statutory objectives are to:
- protect members' benefits
- reduce the risk of calls on the Pension Protection Fund
- promote, and improve understanding of, the good
administration of work-based pension schemes
- maximise employer compliance with automatic enrolment
duties
- minimise any adverse impact on the sustainable growth of
an employer (in relation to the exercise of the regulator's
functions under Part 3 of the Pensions Act 2004 only)
