The Pensions Regulator is urging trustees to respond to today’s consultation on a new advice category, to be known as ‘targeted support’.
Targeted support is primarily designed to offer a cost-effective and more accessible way for DC savers to get additional help with their retirement options. This targeted support will allow firms, including pension providers, to make suggestions to groups of consumers with common characteristics.
The Financial Conduct Authority has released a consultation paper seeking views from various stakeholders as to how this might work in practice. It is particularly seeking feedback from trustees as to how this new support option could work within occupational schemes.
TPR interim director of policy and public affairs Patrick Coyne says: “It is clear savers need more help to make good retirement decisions. Targeted support and the Guided Retirement Duty are both so important if we are to help savers make the best decisions for them and we want to work with trustees to get this right.
“This is an important consultation, and views shared will also help inform the implementation of Guided Retirement and the evolution of the wider regulatory framework. I encourage trustees to respond to make sure targeted support works for savers.”
