Savers welcome the potential for the FCA’s targeted support to provide more relevant help with retirement income decisions, greater direction, and the filtering out of irrelevant information, according to research by Standard Life.
The study, based on a panel of 30 people over 45, is part of ongoing work to shape the service ahead of its planned launch in early 2026.
Participants welcomed the service for offering relevant, filtered guidance. They understood it would provide suggestions based on customer segments, not personalised advice, and accepted that they would remain responsible for their own decisions.
Many said they felt overwhelmed by the complexity of accessing their savings and saw targeted support as a way to understand their options better and avoid poor decisions. Another Standard Life research shows that 41 per cent of Gen X (ages 45–60) feel nervous about retirement choices.
Some people, especially those with bigger or more complex pensions, found it a helpful first step before consulting a financial adviser. Many worried about juggling multiple pensions and getting mixed messages from different providers. They wanted better coordination and clearer oversight from regulators. Trust was a big issue, and participants were often sceptical of providers, the government, and even their own choices. But they were more positive when the service felt unbiased and protective, rather than sales-focused.
Most agreed that online tools alone wouldn’t be enough and wanted the option to speak to someone if needed. They were also open to sharing more personal data, including giving providers access to pension dashboard information, if it led to more tailored and relevant support.
Standard Life Centre for the Future of Retirement head of public engagement and campaign Cath Sermons says: “Too many savers feel overwhelmed when trying to make decisions around their pensions. Our study shows that even people with a good grasp of other financial areas of their lives, such as mortgages or ISAs, often feel confused about pensions. This can lead people to feel anxious, overwhelmed and worried about the risks of making uninformed decisions. What we’ve found is that people really like the idea of Targeted Support helping them whittle down their options.
“With only 8 per cent of the population receiving financial advice, there’s a clear need for something more accessible which consumers see Targeted Support as being able to help with. Some also said it would spur them on to approach a financial adviser and give them the confidence to do so. As we enter the next phase of consultation, consumers highlight two key clear challenges, which need to be addressed in the design and delivery of Targeted Support.
“They are sceptical that providers will always act in their best interests, and consistency really matters to them, with concerns about potential variability in the suggestions they receive having the potential to leave them more confused. These are important issues to address.”
