Empowering Better Outcomes for All

The Retirement Income Taskforce, chaired by Margaret Snowdon OBE, is part of the Consumer Duty Alliance.

As a working group, it is dedicated to making retirement planning clearer, more accessible, and genuinely helpful for as many people as possible.

The changing nature of retirement

Retirement is no longer a ‘one size fits all’ nor one-off event. Some people want to retire early, some move to part-time work or a less demanding role, and others do not retire at all. Everyone’s journey is different and will be influenced by factors that are not purely financial –including social needs, health and family or other responsibilities.

The challenge

Most people do not have an in-depth understanding of pensions - how they work, or what actions may be needed to generate an income which may have to last for 30 years of more. Many also do not start planning until too late, which can force them to make important decisions without enough time to consider the implications.

Introducing the Retirement Income Taskforce

The Retirement Income Taskforce is a voluntary group of professionals with expertise in pension management, retirement planning and communications. They give up their time to provide free, additional support to future retirees, focused on three key areas:

1. Helping people to better understand their Retirement Options
   

We explain how savings and investments can be used to provide replacement income using clear, familiar language and without unnecessary jargon.

2. Championing good practice in advice and guidance

We set out what good advice and guidance should look like – regardless of who provides it or how it is delivered.

We expect those intermediaries who align with and support us to go beyond the minimum required by regulators, to build consumer confidence and trust in the services available.

We showcase articles, guidance and real-world examples of innovation in retirement planning, providing fresh ideas and success stories for people to follow.

3. Mobilising employers, trustees, providers and advisers:

We help employers, trustees and providers to build on their trusted relationship with their employees by sharing relevant materials and encouraging earlier planning - so that people can retire when they want, and in the way that works for them.

Recent Publications

Guides produced on behalf of the Retirement Income Taskforce for those giving advice and guidance include:

• A Good Practice Checklist for Advisers
  This handy checklist helps you stay on top of the FCA's Thematic Review into Retirement Income Advice and ensure you're enabling good financial outcomes for your clients. It includes recommendations across everything from cashflow modelling to risk profiling.
• Client Guide: Helping you to understand your defined benefit pension
  Practical guidance to help people with a DB pension scheme understand and appreciate what they're entitled to, especially those thinking about transferring their benefits to another pension plan. 
• Client Guide: What to think about before transferring your DB pension benefits
  Practical guidance for members of defined benefit (DB) pension schemes who are considering transferring their benefits to a personal pension or a Self-Invested Personal Pension (SIPP). 
  
• Client Guide: What to expect from a Financial Adviser
  Practical guidance for people considering working with a financial adviser for the first time, highlighting what to look for before they commit, what they’re paying for and the value they should expect in return.
• Client Guide: Helping you prepare for retirement
  Wouldn’t it be great to have the choice to stop working or reduce your hours as you get older? Have you thought about how your pensions can make that happen - and how to build a plan to make that happen? Here are three simple steps for people in their early 50s to help them build a plan for retirement.