Since the introduction of the pension freedoms in April 2015 we have been collecting retirement income data from a representative sample of pension, annuity and income drawdown providers on an ad hoc basis. To make this data collection a regular and fixed requirement, we made handbook rules in July 2017 (PS 17/16) to create two new regulatory returns, which are required to be completed by all firms in the market.
New retirement income returns
The two new returns are:
- REP015 (retirement income flow data): this must first be submitted within 45 business days of 30 September 2018 and should contain data for 1 April 2018 to 30 September 2018. It should be submitted every 6 months from then on.
- REP016 (retirement income stock data and withdrawals flow data): which must first be submitted within 45 business days of 31 March 2019 and should contain data for 1 April 2018 to 31 March 2019. It should be submitted annually from then on.
These new data items will help us to identify emerging risks and to target our resources more effectively. They will also inform our policy development, allow us to track market trends and help us to monitor the potential for consumer harm in the retirement income market.
The returns will be scheduled in Gabriel where they can be completed and then submitted to us. The reporting requirements fall on all providers of pensions, annuities and income drawdown. Please note that Gabriel schedules are for indicative purposes only. If you do not have these returns in your schedule but are expecting them, please contact us immediately so that we can investigate.
More information can be found in the handbook in SUP 16 Annex 43BG and SUP 16.24. You can also check the layout of the forms which are set out in SUP 16 Annex 43AR. If you have questions after reviewing these, please call us.