This consultation sets out our proposed package of remedies from the Retirement Outcomes Review. For some of our remedies we are consulting on proposed changes to our rules, for other we are seeking feedback on discussion questions.
Our remedy package aims to address the harms and emerging issues we have identified, and to put the market on a good footing for the future. It balances the need to protect consumers and improve competition in the market, with allowing the market to further develop and innovate.
We are taking steps to protect customers and help them make better choices – before accessing their pension savings, at the point of making a decision, and throughout their retirement. Our key remedies are set out below.
We want to improve the effectiveness of consumer communications and ensure consumers access the support or guidance they need.
We are proposing changes to the ‘wake-up packs’ so that they reach consumers at the right time to inform their decision, and are more useful to them. We are consulting on proposals to require that ‘wake-up’ packs:
We are seeking feedback from stakeholders on proposals that:
We are also consulting on the following proposals:
We are also working closely with the Money Advice Service (MAS) and the Association of British Insurers (ABI) to develop a drawdown comparator tool.
Once a consumer has entered drawdown they still need information and support.
This consultation will primarily be of interest to firms providing pensions, annuities and income drawdown.
This consultation will also be of relevance to stakeholders with an interest in pensions and retirement issues, including:
Consumers will also be affected by this consultation. We welcome views from consumers on all of our proposals.
We want to know what you think of our proposals for consultation and discussion in this Consultation Paper. Please send us your comments on our proposals for discussion (questions 1-33 and 47-49) by 9 August 2018. Please send us your comments on our proposals for consultation (questions 34-46) by 6 September 2018.
You can also:
For the proposals we have raised for discussion in this Consultation Paper but are not proposing to make rules on now, we will consider your feedback - and whether we need to refine the proposals we have put forward in this Consultation Paper - and will consult in January 2019.
For the proposals we are consulting on in this Consultation Paper, we will consider your feedback and publish our finalised Handbook text in a Policy Statement in January 2019.