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Labour calls for ‘renewed focus’ on pension decumulation

Gregg McClymont

Labour has called on the industry to focus on improving the decumulation phase of retirement as part of a drive to boost pension outcomes for consumers.

The Financial Conduct Authority is currently undertaking a review of the annuities market due to concerns people are failing to shop around when they reach retirement.

In March, the Association of British Insurers introduced a code of conduct designed to increase awareness about the retirement income options available and encourage people to shop around different providers and products.

Speaking at the launch of the annual Scottish Widows UK pensions report this week, Labour shadow pensions minister Gregg McClymont called for a “renewed focus” on decumulation.

He said: “My focus to date has been on the accumulation phase of pensions but I think now we need renewed focus across the industry on decumulation, because it is crucial.

“We want to encourage an annuities market which takes account of peoples’ personal circumstances.”

Pensions minister Steve Webb said: “I think there is a pretty big discussion about decumulation still to be had.

“It is a bit of the jigsaw that we have not devoted enough attention to so far.”

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