Most savers risk poor retirement without tailored support, warns regulators

In a joint podcast, the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) called on pension professionals to act now to help savers make the right choices at retirement by understanding the different needs within their schemes.

Patrick Coyne, interim director of pensions reform at TPR, said: “Millions could be drifting toward an uncertain retirement. 

“Government data shows over 14 million people are under-saving for later life. 

“That is why we have to make sure the system provides them real value for money and that people are supported into the right retirement pathway for them.”

Coyne added: “Nobody saves into a pension expecting a pot, they expect a sustainable retirement income and with these reforms, and the revived pensions commission, we have a real chance to make that happen.”

Coyne said trustees should respond to the FCA’s consultation on targeted support. 

He said: “We know trustees want to support members, but uncertainty around the advice boundary is a real barrier. 

“Now’s the time to share examples and help shape future rules.”