Renny Biggins, Head of Retirement at TISA, welcomes the proposals protecting pension savers in a pension freedoms world
“When Pension freedoms were announced in 2014, this came as surprise to industry and were implemented with a very short notice period. Consequently, the ability to put in place a consumer protection framework prior to April 2015 was significantly compromised and has progressed in recent years on a reactive basis. This holistic report and set of proposals covers some of the key challenges and risks that consumers are exposed to and aligns with much of TISA’s focus and values. We are particularly pleased to see the recognition that enhanced guidance and limited advice needs to be more clearly defined and industry encouraged to provide this support to the fullest extent allowed. And given that all pension scheme members require the same opportunities, protection and help, we fully support the proposal that all future regulatory work is undertaken jointly by FCA and TPR unless there are clear reasons for not doing so.
The report shines a light on many of the risks and challenges that consumers are exposed to in Defined Contribution pension schemes as retirement is approached and entered into. It is right that we continue to build on the protections that are currently in place and offer the support and tools required to provide consumers with the knowledge and confidence to make informed retirement decisions”