Commenting on the joint TPR and FCA Pensions Consumer Journey: Call for Input, Kathryn Fleming, Partner, Hymans Robertson says:

“We welcome the joint TPR and FCA Call for Input consultation and believe it is asking the right questions. However it will take a real collaborative effort from the industry to make a notable difference. There needs to be an increase in the simplicity and consistency of all language used in the touchpoint communications highlighted in the consultation, not just for the annual benefit statements. Historically, the industry has taken an education-led approach to pensions, but this hasn’t worked. Information is pushed out to consumers throughout the year but there remains a lack of personalisation and meaning, with jargon-filled communications which are content-heavy, inconsistent and technical.

“To improve member outcomes, the consumer journey needs to be more meaningful at an individual level and delivered in a way that minimises confusion. Support - whether guidance or advice – must be more accessible and straightforward. To increase engagement a simple, easy to understand user experience would encourage individuals to take steps to achieve better outcomes with personalisation featuring centrally in all communications.”