Retirement

Benefits to consumers

MORE OPPORTUNITY TO ENGAGE WITH THEIR LONG-TERM SAVINGS AND DEVELOP AN UNDERSTANDING OF THE KEY AREAS OF CONSIDERATION AND CHALLENGES THROUGH THE DEVELOPMENT OF MORE PERSONALISED GUIDANCE

BETTER RETIREMENT OUTCOMES THROUGH THE INCREASE IN AE CONTRIBUTION LEVELS, REMOVAL OF THE LOWER EARNINGS LIMIT AND REDUCTION IN MINIMUM AGE TO 18

A BETTER STANDARD OF LIVING IN RETIREMENT WITH THE ABILITY TO MEET CERTAIN UNEXPECTED EXPENSES

Benefits to industry

A MORE ENGAGED CLIENT BASE WHICH IN TURN MAY LEAD TO A HIGHER LEVEL OF PENSION SAVING

CONSUMERS MAY DEVELOP MORE MEANINGFUL RELATIONSHIPS WITH THEIR PENSION PROVIDERS WHICH COULD LEAD TO A BETTER UNDERSTANDING OF CONSUMER NEEDS WITH A KNOCK-ON IMPACT OF INCREASED CONFIDENCE IN FINANCIAL SERVICES

Benefits to UK economy

AN ENGAGED POPULATION WHO ARE TAKING STEPS TO SAVE MORE AND WORK TOWARDS SELF-SUSTAINABILITY IN RETIREMENT

Benefits to consumers

NON-ADVISED DRAWDOWN CUSTOMERS SHOULD BENEFIT FROM STRONG CONSUMER FOCUSED PROVIDER PROPOSITIONS

FIRMS MAINTAIN AN ONGOING AWARENESS OF KEY AREAS OF FOCUS, HELPING WITH PRODUCT PROPOSITIONS AND DEVELOPING CONSUMER CONFIDENCE AND OUTCOMES

CONSUMERS ARE BETTER INFORMED AS FIRMS AND REGULATORS ARE AWARE OF THE GENERAL CHALLENGES FACED AND THE STEPS BEING TAKEN TO ADDRESS THOSE

Benefits to industry

PROVIDERS HAVE A CLEAR UNDERSTANDING OF REQUIREMENTS AND ARE BETTER EQUIPPED TO DELIVER STRONG PROPOSITIONS WHICH MAY ENHANCE REPUTATIONAL AWARENESS IN THE DRAWDOWN MARKET

REPRESENTATIVES OF FIRMS MAINTAIN AN ONGOING AWARENESS OF KEY AREAS OF FOCUS FOR THEIR ACTIVITIES WHICH HELPS IMPROVE CONSUMER CONFIDENCE

Benefits to UK economy

FCA REQUIRMENTS ARE MET AND PROVIDE OPTIMAL CONSUMER OUTCOMES

FIRMS STAY UP TO DATE WITH ALL REGULATORY CHANGES

POLICYMAKERS ARE AWARE OF THE ONGOING CHALLENGES BEING FACED AND CAN ADDRESS THESE