The FCA has published a joint discussion paper with the DWP seeking views on proposals for a Guided Retirement framework in both contract and trust-based workplace pension schemes.
Guided Retirement is intended to build on the success of automatic enrolment which has led to a significant increase in participation in defined contribution pensions. It aims to remove the need for individuals to make complex decisions at the point of retirement through default pensions that provide a clear, high-quality route into retirement for the mass market.
The FCA intends to supplement and enhance the targeted support conduct framework in COBS 9B (in the FCA’s Handbook) and adapt these rules where necessary for the purpose of setting conduct rules for Guided Retirement for contract-based providers.
Views are sought until 22 December 2026.
Duncan Scott
Duncan is a Principal Associate in the Funds and Financial Services team specialising in financial services regulation. Duncan advises clients across a wide range of sectors including banking, consumer finance, payment services, insurance, asset management and pensions with a particular focus on retail banking, regulated credit and payment services.