PS22/15: Improving outcomes in non-workplace pensions

Consultation opened
Consultation closed
Policy statement

We set out the final rules to improve outcomes for consumers saving into non-workplace pensions.

Read PS22/15

Why we are changing

Our work on non-workplace pensions is part of our aim to improve outcomes across all types of pension products. We are making rules to ensure that non-workplace pension providers:

  • Offer a ‘default’ option to non-advised consumers buying a non-workplace pension (NWP). This will be a ready-made, standardised investment solution (a ‘default option’), and make this available alongside other investments.
  • Issue a ‘cash warning’ to consumers with significant and sustained levels of cash in their NWP to warn them that their pension savings are at risk of being eroded by inflation.

Who this is for

Our rules apply to firms that operate non-workplace pensions, including:

  • life insurers 
  • platform providers 
  • self-invested personal pension operators 

These rules may also be of interest to other stakeholders with an interest in non-workplace pensions, including: 

  • consumers
  • industry associations and trade bodies 
  • independent governance bodies 
  • asset management firms 
  • individuals and firms providing advice and information in this area 
  • consumer representative groups 
  • charities and other organisations with a particular interest in the ageing population 

Next steps 

Firms affected by these changes will need to ensure they comply by 1 December 2023. 


We published a Discussion Paper (DP18/1) in 2018, seeking to understand better how well the non-workplace pensions market was working for consumers.  

We published a Feedback Statement (FS19/5) in 2019, revealing a lack of competitive pressure driven by low consumer engagement with complex and confusing products and charges. And in November 2021, we consulted on the rules in this PS in CP21/32.

Our aim is to deliver a pensions system that helps consumers achieve the best outcomes within the means available to them.

More broadly, the new rules will help firms meet our expectations in the Consumer Duty for them to act to deliver good outcomes for retail consumers. 

The interventions also support the aims in our Consumer Investment Strategy to give consumers the confidence to invest.