CP25/39: Adapting our requirements for a changing pensions market

Read CP25/39 (PDF)

Why we consulted

We published a discussion paper in December 2024 inviting input on areas of our regulatory framework for pensions that may need to evolve, alongside the wider programme of policy change across Government and regulators, to meet the future needs of consumers.

These consultation proposals were informed by the feedback we received.

We proposed:

• A new regime for interactive digital pension planning tools for in-force pensions.
• A new process to support non-advised consumers to make informed decisions about whether and where to transfer or consolidate DC pensions. 

Who this is for

• All firms that operate and provide pension products (both accumulation and decumulation).
• Investment platform providers.
• Trustees of DC occupational pension schemes.
• Parties that promote or facilitate DC pensions transfers and consolidation.
• Trade bodies for regulated firms.
• Consumers and groups representing consumers’ interests.

Next steps

We published final rules for the Interactive Pensions Simulations Instrument and Pensions Projection Exemption Instrument in Handbook Notice 144 (PDF) on 25 September 2026.

Background

The pensions market is changing. The value of assets in DC pensions now exceeds the Defined Benefit market. Increased reliance on DC savings places greater responsibility on consumers to save enough for their retirement. It also presents significant, complex choices about how to use DC pension savings through retirement.

These changes raise important questions about how the pension system can best support consumers. 

A programme of policy change is already under way. This is via the Pension Schemes Bill, the Pension Commission, a value for money framework for default workplace DC pension schemes, the roll-out of targeted support, and the introduction of pensions dashboards.

We published this consultation at the same time as our near-final rules for targeted support so that stakeholders could consider our proposals in the light of these new rules.