CP15/30: Pension reforms – proposed changes to our rules and guidance

In this paper we set out our expectations as to how our existing rules and guidance operate in the new pensions environment, consult on a number of changes aimed at ensuring our rules are fit for purpose and invite discussion on areas where we are minded to carry out further work.

Why are we consulting on this?

Since 2012, the pension and retirement income markets have undergone the most profound change in a generation. Despite the changing nature of the market, our objectives remain the same – for consumers to have access to products and services that are well governed and deliver value for money in competitive markets that work in their interests.

Over the past six months we have taken the opportunity to review our rules and guidance against our objectives. We are now publishing this paper to:

  • Set out our expectations about how our existing rules and guidance operate in the new environment, providing illustrative examples.
  • Bring forward proposals for further changes to our Handbook.
  • Ask for views on the range of information we intend to examine as part of the follow up to our market study.
  • Invite discussion on areas where we are minded to carry out further work.

CP15/30: Pension reforms – proposed changes to our rules and guidance [PDF]

Who is this consultation aimed at?

This consultation will be relevant to all those with an interest in pensions and retirement issues, including:

  • Providers of pensions, including operators of self invested personal pensions.
  • Providers of retirement income products.
  • Trustees of Defined Contribution (DC) pension schemes (and schemes with a DC element).
  • Employer sponsors of Defined Benefit (DB) and DC schemes (and schemes with a DC element).
  • Providers of other financial services products that play a role in consumers’ retirement planning.
  • Individuals and firms providing advice and information in this area.
  • Distributors of financial products, in particular retirement income products.
  • Firms carrying out debt collection or giving debt advice.
  • Trade bodies representing financial services firms.
  • Consumer representative bodies.
  • Charities and other organisations with a particular interest in an ageing population and/or financial services more generally.
  • Individual consumers.

What are the next steps?

We want to know what you think of our proposals. Please send us your comments to the consultation questions by 4 January 2016 using our online response form.

Send us your replies to Annex 2: Retirement Outcomes review by 30 October 2015 by using the contact details on page 3.

Find out more

For more information read our: