We have published the interim findings of our Retirement Outcomes Review, which looks at how the retirement income market is evolving since the pension freedoms were introduced in April 2015. The review has particularly focused on consumers who do not take advice.
This summary provides a brief overview of the key points from the interim report and may be enough detail for some readers:
For a more in-depth description of our findings and proposed remedies you can read the full interim report:
We found that consumers have welcomed the pension freedoms. Over one million defined contribution pension pots have been accessed since the reforms. The pension freedoms have changed the way consumers access their pots in the following ways:
This market is still developing and firms and consumers are continuing to adjust to the reforms. However, we identified five emerging issues:
To support pension freedoms and get this market on a good footing for the future, it is important that:
We have identified some potential remedies to help tackle all three areas, and would like views on both how urgent and appropriate they are:
Getting this right will require cooperation across the government, regulators, industry and consumer bodies.
We invite stakeholders to send their views on our findings and proposed remedies to [email protected] by 15 September 2017. We will also hold events to get stakeholders’ views in Autumn 2017. We will think further on whether we should intervene at this stage and how we can do this most effectively. We intend to publish our final report in the first half of 2018.