TPR: Use data to deliver tailored comms and retirement solutions
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In a new podcast, the Pensions Regulator’s interim director of pensions reform Patrick Coyne and Nike Trost, head of department – asset management and pensions policy at the Financial Conduct Authority, discuss why guided retirement and targeted support are being introduced – and why pension professionals should take steps now to deliver guided retirement solutions.
The industry needs to develop “a much deeper understanding of the diverse needs and profiles within their scheme membership” to ensure savers make the right decisions at retirement, using data such as age, pot size and time to retirement to deliver tailored communications, targeted nudges, and fit-for-purpose decumulation solutions, the regulators said.
Coyne called on trustees to respond to the FCA’s targeted support consultation with examples of the kind of support they would like to give within the existing framework – especially ready-made suggestions for in-scheme benefits – to understand if they can provide it themselves or with an FCA-authorised partner.
Trost said: “It’s about consumers being offered really good product choices to choose from in a really simple way.”
