FS22/3: Pensions consumer journey

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Call for Input closes
Feedback Statement

This is a feedback statement for the joint Call for Input by The Pensions Regulator (TPR) and the Financial Conduct Authority on the pensions consumer journey.

Read FS22/3

Why we sought input

We wanted views on what else can be done to help engage consumers so they can make informed decisions that lead to better pension saving outcomes.

This Feedback Statement (FS) summarises the themes and sets out our response, ongoing workstreams and how we will use the feedback to inform future work.

We produced it to share knowledge on key issues with the industry and other stakeholders as this may help inform their future initiatives.

Who this affects

This FS is relevant to:

  • pension providers
  • pension trustees
  • trade bodies
  • consumers and consumer groups
  • academics
  • employers


In our joint regulatory statement we committed to a joint review of the consumer pensions journey. We published a joint CFI in May 2021 to understand the factors that influenced consumer decision-making and engagement. Our CFI sought views on what else can be done to help engage consumers so they can make informed decisions that lead to better savings outcomes.

If pension savers are to achieve good outcomes for their personal circumstances a number of decisions have to be made - either directly by consumers themselves or by trustees, providers or employers acting in the best interest of consumers. 

Next steps

As regulators, we are determined to put pension savers at the heart of what we do. That means making sure that we focus on putting consumers’ needs first and enabling consumers to help themselves, as set out in the FCA’s Business Plan and TPR’s Corporate Strategy.

We are committed to focusing on the impact that actions by trustees, providers and advisers have on consumers and the outcomes they achieve, and we expect them to adopt the same mindset.

We want providers to consider the needs and types of consumers at the different stages of their pension journey and tailor their offering with a focus on ensuring consumers achieve good outcomes.