UK. Regulators ask industry for help on improving pension saving
The City watchdog and the Pensions Regulator have teamed up to investigate how people make decisions about their pension at key points throughout their working lives, in order to better support savers through future regulation.
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The regulators today (May 18) launched a call for input from the pension industry on what influences consumers when saving into a pension and how they can be better supported to improve their pension savings.
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The views gathered will inform policy making and will be used to target any future regulatory interventions in areas which will improve consumer pension journeys the most, the regulators said.
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Sheldon Mills, executive director consumers and competition at the FCA, said: “Automatic enrolment and pension freedoms have changed the pensions landscape. Individual consumers now have more responsibility than ever before for making decisions about their pension savings.
“It is important our regulation keeps up with what is happening in reality. We want to hear about what is working well and where the consumer journey can be improved.”
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