12 Jul 2017

Report: Retirement Outcomes Review

The Financial Conduct Authority's (FCA) interim report into retirement outcomes looks at how the retirement income market is evolving since the pension freedoms were introduced in April 2015. The review has particularly focused on consumers who do not take advice.

Key findings:

More than one million defined contribution pension pots have been accessed since the reforms.
More than half (53%) of pots accessed have been fully withdrawn.
Many consumers buy drawdown without advice but may need further protection to manage their drawdown effectively.
To support pension freedoms and get this market on a good footing for the future, it is important that consumers can get the right support when they take important decisions about their pension savings.

The FCA is currently asking stakeholders to send their views on its interim findings and its proposed remedies to [email protected] by 15 September 2017.