PIMFA
Pensions
For most people, their pension represents the largest source of wealth that they will accumulate over their lives. In accumulation and decumulation the wealth management, financial advice and planning industry provides a reassuringly regulated and professional service that puts the customer at the heart of everything they do.
This has become increasingly complex for firms over the preceding decade as they have sought to navigate a changing regulatory environment. Despite substantive reforms such as the introduction of automatic enrolment, pension freedoms, changes to pension transfer advice and more, pensions continue to be a subject of reform from Regulators and the Government. Over the coming years we believe that we see more consolidation of pension schemes, further drive towards value for money, and a drive to focus the way in which and where these schemes invest. Where these reforms directly impact PIMFA firms, we will engage on your behalf to secure change in your interests.
- FCA Retirement Income Market Data 2023/24
The FCA has published retirement income market data for 2023-2024, with key findings set out:
- Total number of pension plans accessed for the first time in 2023/24 increased by 19.7% to 885,455 compared to 2022/23 (739,652).
- Sales of annuities saw the biggest increase from 59,163 in 2022/23 to 82,061 in 2023/24 (38.7%).
- Sales of drawdown increased by 27.9% from 218,183 in 2022/23 to 278,977 in 2023/24.
- The overall value of money being withdrawn from pension pots increased to £52,152m in 2023/24 from £43,233m in 2022/23. This is an increase of 20.6%.
- Some 30.9% of pension plans accessed for the first time in 2023/24 were accessed by plan holders who took regulated advice (down from 32.9 % in 2022/23).
- The number of DB to DC transfers continued to fall from 18,080 in 2022/23 to 7,181 in 2023/24.
Access the publication here.
- Our Latest work
FCA DP24/3: Pensions: Adapting our requirements for a changing market
PIMFA Responds to FCA DP24/3: Pensions: Adapting our requirements for a changing market
Read the response here
This guide provides a review of the FCA policy statement on pension transfer advice.
Latest News
Pension schemes back British growth
The Mansion House Accord was signed by seventeen workplace pension providers on 13 May. They pledge to invest at least 10% of their workplace portfolios in assets that could boost the economy such as infrastructure, property, and private equity. At least 5% will be invested in the UK
FCA – Pensions Dashboard Update
The FCA has published information regarding the pensions dashboard and connection to the digital architecture.
Pension providers need to connect to the pensions dashboards ecosystem provided by the Money and Pensions Service (MaPS) and, by 31 October 2026, providers of relevant pension schemes must:
- Register with the Money and Pensions Service (MaPS).
- Connect to the digital architecture operated by the Pensions Dashboards Programme (PDP) – which is a function of MaPS.
- Comply fully with COBS 19.11, i.e. be ready and able to receive requests to find pensions, and search records for data matches and return pensions information to the consumer’s chosen pensions dashboard.
A staged timeline has been set out in Guidance from the Department for Work and Pensions (DWP) ahead of the October 2026 deadline.
- The dates in the guidance are not mandatory, but FCA rules require FCA-regulated pension providers to have regard to this guidance.
- The obligation to comply fully with COBS 19.11 applies from the date on which the firm connects to the live environment.
Further information can be found here.
