Overview

• Some consumers are moving pensions primarily to secure cashback rewards and may overlook loss of valuable scheme benefits.
• The FCA’s multi-firm review urges life insurers to maintain sufficient, well-trained staff to manage spikes in transfer requests.
• Under the Consumer Duty, firms must deliver clear, tailored communications so customers understand long-term financial impacts.
• Industry experts, including Quilter’s Jon Greer, caution that cashback offers can tempt savers to forfeit perks like higher tax-free lump sums or earlier access ages.
• Once live, pensions dashboards—designed to display all pension pots in one place—are expected to drive higher consolidation demand.