FCA report points to all-round confusion about retirement options

13% unsure if pension is DB or DC

clock • 2 min read

Many consumers are not well-informed on decisions they make about their income in retirement and are baffled by many aspects of the process, according to a report by the Financial Conduct Authority (FCA).

The report Understanding the financial lives of UK adults pointed to some alarming data on how uninformed and baffling many consumers find pensions. It found 3% of all UK adults did not know if they had a private pension provision or not, and of those aged over 50 without a pension, 10% had never considered why they did not have one. The report also found some six million people, or 13% of UK adults, were unsure if they were contributing to a defined benefit (DB) or a defined contribution (DC) scheme. Of those with a DC scheme, more than a third (36%) were either unable or unwillin...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

The impact of the Overseas Fund Regime explained

The impact of the Overseas Fund Regime explained

Initially covers UCITS funds issued in most EU and EEA member states

Mark Rendle
clock 18 August 2025 • 3 min read
Viewing Consumer Duty through the vulnerability lens

Viewing Consumer Duty through the vulnerability lens

Clients can be vulnerable in many ways

Mark Sanderson
clock 14 August 2025 • 4 min read
Why the FCA's data request demands more than compliance

Why the FCA's data request demands more than compliance

Shift towards data-driven regulation arrives at a 'pivotal juncture'

Claire Cherrington
clock 31 July 2025 • 4 min read