Guided retirement: policy consultation
Consultation description
This consultation seeks views on initial policy proposals for the implementation of guided retirement across both contract-based and trust-based pension providers.
The government is committed to introducing provisions to ensure that individuals saving into a defined contribution workplace pension no longer have to make complex decisions about how to access their pension benefits. This consultation represents initial policy thinking on requirements to be set out in:
- secondary legislation under the guided retirement provisions (Part 2, Chapter 6) of the Pension Schemes Act 2026 and
- Financial Conduct Authority (FCA) rules which aim to, so far as is possible, achieve the same outcomes.
The consultation seeks views on the effectiveness, feasibility and practical implementation of these proposals.
The policy proposals within this consultation have been developed in close collaboration between the Department for Work and Pensions, HM Treasury, the FCA, and The Pensions Regulator.
The government has also published draft regulations for Retirement Collective Pension Schemes for consultation.