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Pension freedom and choice inquiry


The deadline for written submissions was Monday 23 October 2017, which included recommendations for improvements in each case:

  • What are people doing with their pension pots (including defined benefit pension entitlements) and are those decisions consistent with their objectives? Is there adequate monitoring of the decisions being made?
  • Are people taking proportionate advice and guidance and if not, why not? Are people adjusting behaviour in response to advice and guidance?
  • To what extent will pensions dashboards enable consumers to make more informed decisions about their retirement savings? What are the remaining obstacles to their creation and success and how should those obstacles be overcome?
  • Is Pension Wise working? If not, how should it be reformed? Are there any implications for the proposed creation of a new single public financial guidance body?
  • Are there persistent gaps in the advice and guidance market and what might fill them? Is automated advice and guidance filling gaps as expected?
  • Is there evidence of product market competition resulting in cheaper, clearer or a wider products for consumers? Are people switching from their pension provider in accessing their pots? Is an adequate annuity market being sustained?
  • Are the Government and Financial Conduct Authority taking adequate steps to prevent scamming and mis-selling?
  • Are the freedom and choice reforms part of a coherent retirement saving strategy? To what extent is it complimentary to or undermined by other policies?