Helping savers understand their pension choices: PLSA submission to DWP Call for Evidence

This is the PLSA’s response to the government’s Call for Evidence (CfE) on decumulation for the trust sector. Currently, there is no set standard or requirement for pension schemes to provide any retirement guidance or products for their members, but research shows that many people lack the necessary knowledge to evaluate their options.

In our submission we make the case for the PLSA’s Guided Retirement Income Choices, a framework which would require schemes to support their members in retirement, either with guidance and products, or by signposting them to another scheme where these services are available. Some Master Trusts are already offering bundled retirement support with online engagement and guidance journeys and blends of different products, and we think such options should be available to all savers, irrespective of what kind of scheme they have saved into.

We have engaged thoroughly with DWP during the development of this CfE, and will continue to do so through the policymaking and upcoming consultation phase.