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B&CE, not-for-profit provider of The People’s Pension has responded to the FCA’s consultation following its Retirement Income Market Study interim report, supporting the FCA’s proposal for a Pensions Dashboard.
The FCA issued an interim report on its Retirement Income Market Study in 2014 and consulted on its provisional findings. As well as proposing a Pensions Dashboard, the FCA is also supporting a replacement to the current wake-up pack and the introduction of framing into retirement communications to guide consumer behaviour.
We welcome these findings, especially the proposal for a Pensions Dashboard which we believe is a much-needed innovation in the pensions market. But we also support a simplification of retirement communications with an emphasis on encouraging people to use the free guidance service, Pension Wise.
Read our response to the FCA consultation: Retirement income market study
Darren Philp, Director of Policy and Market Engagement at The People’s Pension, said:
“These proposals point us in the right direction, but now we need to grasp the nettle and radically reshape retirement processes.
“Retirement communications have long been overcomplicated, ill-timed and overflowing with information. Yet the evidence suggests that too much information is a turn off for most people. We need to avoid regulation being too prescriptive and assuming a one size fits all approach is going to work. Above all we need to simplify communications at retirement and make sure people are aware of and signposted to Pension Wise.
“We’re pleased that the FCA supports a Pension Dashboard. We believe that this is a hugely exciting opportunity to transform the pensions landscape and put savers in control of their savings. Although there are practical challenges to overcome, none are insurmountable; indeed, the technology for a Pensions Dashboard already exists and is used in other sectors. We are looking forward to working with the FCA and others to bring this idea to fruition.”