The FCA has published the Final Report of its Retirement Outcomes Review (ROR), which considers how the retirement income market is evolving and sets out a package of 'remedies' to address any concerns identified.

The retirement income market in this context encapsulates options under pension arrangements that allow access to defined contribution savings or convert them to retirement income: annuities; flexi-access drawdown; hybrids of annuities

and drawdown; uncrystallised funds pension lump sum cash withdrawals; and full cash withdrawals.

Alongside the Final Report, the FCA published a consultation (CP 18/17) on proposed changes emanating from the Review.

The Consultation Paper proposes 'Wake-up' packs from age 50: a single page 'pension passport' summary document before pension savings are accessed

and possibly incorporating retirement risk warnings. These would packs would be issued every five years until DC pension pots are fully crystallised.

The FCA wants drawdown options to be good value for money and believes that providers should offer three ready-made drawdown 'investment pathways'. The FCA will begin a review of this 'simple choice architecture', including the . . .

11 July 2018   Check other news items