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Retirement

NAPF welcomes FCA retirement income market study

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The National Association of Pension Funds (NAPF) has welcomed the Financial Conduct Authority’s (FCA) comprehensive analysis of the current retirement income market.

This includes consideration of the issues that arise from the changes introduced by the Freedom and Choice agenda.

The NAPF has made some key points in its response:

• The NAPF is calling on the FCA, Department for Work and Pensions (DWP) and The Pensions Regulator (TPR) to work together closely to ensure that regulation is fit for a future where consumer choices will be more complex and for translating to the trust-based sector.

• The FCA, together with the DWP and TPR, should be clear about what constitutes a ‘good’ outcome and regulate only where it drives progress towards ‘good’. Clarity on outcomes will also help in the development of the right framing, heuristics and other behavioural techniques which the NAPF agrees will be essential in helping savers as well as helping to shape good, new retirement income solutions.

• In designing rules, the FCA will need to consider the emergence of new customer journeys into retirement and retirement income vehicles in such a way that it does not inhibit schemes from delivering good outcomes for their members.

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