The Financial Conduct Authority (FCA), working with HM Treasury, has announced plans for a new form of “targeted support” designed to help pension savers make clearer decisions. The initiative, expected to launch in 2025 or 2026, is intended to bridge the gap between general information and full financial advice.
Targeted support would allow firms to give customers information that is more tailored than general guidance, without it being classed as regulated advice. Instead of one-to-one recommendations, it would focus on groups of people with similar needs or circumstances.
Examples include:
Savers who are not contributing enough to their pensions.
People holding large balances in cash rather than investing.
Customers withdrawing money from pensions at a pace that may not last through retirement.
The aim is to make pensions easier to understand and to help people feel more confident about the decisions they are making.
Confidence in pensions remains low, with many people unsure whether they are saving enough or how long their money will last once they retire. By offering support that is clearer than broad guidance but more accessible than paid advice, the FCA hopes to give people practical help in managing their retirement savings.
Early estimates suggest that some savers could see thousands of pounds more income over the course of retirement if they engage with this kind of targeted support. While the details are still being finalised, the direction is clear: pensions should be easier for everyone to navigate.
The idea has been broadly welcomed across the pensions sector. Many see it as a step towards closing the long-discussed “advice gap”, where only a small proportion of people access financial advice each year. There are still questions around how the new rules will be delivered in practice, but the overall reaction highlights the need for better, more scalable support for savers.
Pension App was built to simplify pension management. With tools to trace and combine old pensions, daily updates on pension values, and options for fund selection and withdrawals, our platform already provides the kind of clarity that targeted support is aiming to achieve.
As the industry introduces new ways to support customers, Pension App will continue to focus on making pensions straightforward and accessible, giving people the confidence to stay in control of their retirement planning.
The FCA’s targeted support proposals represent a shift towards clearer, more practical help for pension savers. While the framework is still being developed, the message is clear: pensions need to be simpler and more transparent. That has always been Pension App’s mission, and we welcome steps that make retirement planning easier for everyone.
With pensions, your capital is at risk.