DWP Guided Retirement Consultation

Commenting on the DWP Guided retirement: policy consultation launched today, Kathryn Fleming, Head of DC Consulting, Hymans Robetson says:

“Today’s consultation is an important next step in moving away from a world where millions of savers are expected to become retirement experts, just at the point they reach one of the most complex financial decisions of their lives. However, guided retirement will only fulfil its potential if the end results genuinely improve the member experience. That means high-quality defaults that reflect member needs, support better behaviours and outcomes, and are complemented by effective communication and engagement.

“It is also vital that today’s framework doesn’t constrain tomorrow’s solutions. The retirement market is evolving quickly, including through innovations such as retirement CDC, and the regulatory framework needs to continue to create space for that evolution. The aim is significant: turning retirement from a series of difficult choices into a journey where people get much more support to achieve a good outcome.”

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