The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) stated this week that they would attempt to drive value for money for those in pension schemes.
Using their influence, the two organisations have committed to helping ensure pension contributors are being given a better return on their investment, including “setting and enforcement of clear standards”. Value for money has been identified as a priority for the regulators, as well as a strategic review of the entire consumer pensions process, to find out if any tools need to be introduced or changed to enable people to make considered decisions about their retirement savings.
Christopher Woolard, the FCA’s executive director of strategy and competition, said:
“We have worked closely with TPR to produce a co-ordinated and cohesive strategy that will produce positive results for people in or approaching retirement. With the support and collaboration of the government, industry and consumers themselves, we can deliver an environment which contributes to people having higher incomes in their retirement”.
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