On 7 June 2022, the FCA and the Pensions Regulator published a feedback statement (FS) to their May 2021 joint call for input on the behaviour of consumers at key points in the pension saving journey.
The aim was to establish what more can be done to engage consumers so that they can make informed decisions that lead to better pension saving outcomes. The FS outlines the feedback received, which broadly agrees with the stages of the customer journey and the structural issues affecting pensions. It also outlines ongoing workstreams and how the regulators will use the feedback to inform future regulatory interventions. This includes an update to the regulators’ joint strategy, due in the second half of 2022. The FCA will explore firms’ concerns around providing more support to customers about accessing their pensions and will discuss options for giving consumers greater support within the current regulatory framework.
The Pensions Regulator has committed to publicising the “Midlife MOT” toolkits available for employers and encouraging larger schemes and providers to support employers in this initiative and working on guidance to enable employers to support staff returning to the workforce and promoting existing MoneyHelper “life event” guidance around divorce and maternity leave. The Regulator will conduct an equality review to understand how the market works for different groups of savers and review the “communicating to members” section of the defined contribution guidance to provide more information on inclusivity, use of behavioural insights and timing of communication.