Pensions - Articles - Pension firms must do more on old pensions and fund savings

The regulator identified some good practices, but complex charging structures, older product design and weaknesses in firms' data meant some pension savers are not getting as much value as they could.  

The FCA is now calling on all pension providers to consider the report and take on the good practice identified. The regulator is also engaging with firms on barriers they face in improving the value for customers, particularly in closed books.  

Charlotte Clark, director of cross-cutting policy and strategy at the FCA, said: "Consumers in older products should not be left behind, and the good news is that some firms are already showing it doesn't have to be this way. We want to see that progress reflected right across the market.” 

This work supports wider reforms, including targeted support and pensions dashboards, to help consumers get the most from their pensions. It is also a priority under the FCA’s Pensions Regulatory Priorities and forms part of its broader work on modernising pensions and long-term savings.