FCA Proposes Free Targeted Support for Pension Savers

The initiative aims to bridge the gap between general guidance and bespoke financial advice, addressing widespread challenges in retirement planning.

The Financial Conduct Authority (FCA) has introduced proposals to offer free targeted support to millions of UK pension savers, focusing on group-based suggestions rather than personalized advice.
The initiative seeks to help individuals make informed decisions about their retirement savings, particularly addressing challenges like unsustainable withdrawals and uncertainty about income options.
A 2024 FCA survey revealed that 75% of over-45s lack a clear pension withdrawal plan, highlighting the need for greater support in navigating complex pension choices.
The targeted support framework is part of a broader review into the boundaries between financial advice and guidance, with further proposals for other retail investments expected in 2025.
The FCA is inviting feedback on the proposals by February 2025, with a consultation on implementing new rules planned for summer 2025.