FCA Retirement Outcomes Review final report and consultation

by Justin Corliss, Royal London | Aug 06, 2018
Justin Corliss explains the recent FCA review of retirement outcomes.

Justin Corliss explains the recent FCA review of retirement outcomes.

On 28 June the FCA released the Retirement Outcomes Review (ROR) final report along with a consultation paper CP18/17, looking for feedback on the proposed changes. The consultation for investment pathways, cash defaults and actual charges information closes on 9 August 2018. For all other proposed changes the consultation closes on 6 September 2018. 

The report considers the efficiency of the retirement market since the introduction of pension freedoms. While there’s a significant focus on the plight of non-advised consumers, the findings are likely to impact the advised market too. The report focuses on retirement savings in pensions, referred to throughout this article as ‘retirement savings’.

Fewer companies offer defined benefit (DB) schemes to their employees, meaning future retirees will be more reliant on defined contribution (DC) plans to provide retirement income. Auto enrolment has resulted in huge numbers of employees ‘defaulted’ into decision-free pension saving, only to be faced with an active decision at retirement. It seems many are ill-equipped to make these choices, so the report explores options to help these consumers achieve better outcomes in retirement.

Find out the results



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