The FCA has confirmed that its proposed targeted support regime will not apply to master trusts or other occupational DC schemes overseen by The Pensions Regulator (TPR).
It reiterated that it has no powers to place binding requirements on trustees, with the regulation of these schemes sitting with the Department for Work and Pensions (DWP) and TPR. The FCA pointed to chapter 9 of its Policy Statement, which sets out the support trustees can already offer members approaching retirement.
The regulator also addressed how targeted support will sit alongside government plans for default retirement income solutions. It said the targeted support framework is entirely separate from the Government’s guided retirement proposals in the Pension Schemes Bill.
According to the FCA, guided retirement is intended to give savers a simpler, more structured route into retirement, including a default decumulation option. Meanwhile, targeted support is designed to help individuals make confident, informed decisions rather than being directed into a single pathway.
The FCA added that detailed policy design for guided retirement is still under development. If the Bill is approved by Parliament, it plans to publish a discussion paper in spring or summer 2026 to explain how the two regimes should interact.
