Patrick Coyne: This is an important consultation, and views shared will also help inform the implementation of guided retirement and the evolution of the wider regulatory framework.
The Pensions Regulator (TPR) is urging trustees to respond to the Financial Conduct Authority’s (FCA’s) consultation on targeted support.
Yesterday (30 June), the FCA published proposals to allow firms to offer a new type of help called targeted support, enabling them to make suggestions to groups of consumers with common characteristics.
TPR said trustees were among the stakeholders the FCA is seeking input from as part of the consultation on these proposals – especially regarding how this support could work in practice within occupational schemes.
The FCA consultation said it would "particularly welcome" views on how trustees may want to provide targeted support or a version of it that applies solely to ‘in scheme' benefits - including whether this would be done under the trust-based occupational pension scheme itself - or whether trust-based schemes would partner with a third-party FCA-authorised firm to deliver targeted support, or a version of it, for the scheme's members.
More broadly, it said it wanted to understand the support that trustees wish to give their members, and in particular, whether they feel unable to give such support because they are worried about undertaking a regulated activity or financial promotion.
TPR's interim director of policy and public affairs Patrick Coyne urged trustees to respond to the FCA proposals.
He said: "It is clear savers need more help to make good retirement decisions. Targeted support and the guided retirement duty are both so important if we are to help savers make the best decisions for them and we want to work with trustees to get this right.
"This is an important consultation, and views shared will also help inform the implementation of guided retirement and the evolution of the wider regulatory framework. I encourage trustees to respond to make sure targeted support works for savers."
