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TISA Retirement Conference Sees FCA and TPR Set Agenda for the Future of Pensions

April 27, 2023

Thursday, April 27th 2023 – Today, the TISA (The Investing and Saving Alliance) annual retirement conference is taking place at the Pinsent Masons offices in London. Key speakers include Nike Trost, Head of Buy-side Market Analysis & Policy at the FCA, and Louise Davey, Director of Regulatory Policy, Analysis and Advice at The Pensions Regulator.

Key takeaways included:
• The ongoing priorities and roadmap for the FCA and TPR
• Factors for governance boards to consider when undertaking the Value for Money assessment
• The Consumer Duty and consequences for pension schemes
• The key financial challenges that households are facing and the impact on retirement outcomes
• Scheme consolidation and value for member assessment
• A legal view of the key challenges for firms in implementing the new requirements for non- workplace pensions relating to standardised investment strategies
• A roundup of key areas of DC regulatory change

Opening the TISA Annual Retirement Conference, Renny Biggins, Head of Retirement, TISA, said: “The pensions industry continues to face a relentless stream of change including Pension Dashboards, the Consumer Duty and Value for Money. With a backdrop of the Cost-of-Living crisis, record inflation and low levels of financial resilience, we have faced unprecedented challenges in helping consumers plan for their futures in the years since the pandemic.

“One thing is clear from everything we heard today; the challenges we face cannot be taken in isolation. We need to consider retirement in the round and develop meaningful change from a holistic perspective that addresses key challenges in a cohesive manner. We need to put the building blocks in place for the emerging comprehensive savings framework.

“The latest news on the Investment Pathway review, regulation on pensions dashboards and the collaboration between the FCA and TPR show we are moving in the right direction. However, the changing pensions landscape means reviews need to be regular. We, as an industry, must be ready to engage with consumers and make sure they are being delivered products and services which allow them to properly plan for the future.”