FCA sets out default funds for personal pensions

“The proposals form part of our wider work on pensions which is designed to ensure that customers are better supported throughout their pension journey.”

The proposals come after the FCA found that some personal pension savers found it difficult to identify appropriate investments, or were leaving large amounts of their pension pot in cash.

This is particularly worrying as the non-workplace pension market is large, with around 13 million accounts and accumulated pension savings of around £470bn.

The consultation closes on February 18, with the FCA intending to publish a final policy statement and final handbook rules in 2022.

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