FCA Call for Input: Pensions Consumer Journey

The FCA has launched a call for input, to better understand consumer behaviour at key points in the pension saving journey.

The FCA acknowledged that the pensions and retirement income markets have evolved significantly in recent years, with automatic enrolment changing the way many people save into their pension and the Pension Freedoms giving consumers more choice about when they access their pension savings.

Also highlighted was the shift away from defined benefit schemes towards saving into defined contribution schemes, and the resulting transfer in risk and much of the responsibility for retirement outcomes onto the consumer.

The FCA will use responses to the Call for Input to target future regulatory interventions and improve pension outcomes.

The deadline for providing input is 30 June 2021. 

Hannah Frost