This Policy Statement sets out our final rules which require providers of pensions, annuities and income drawdown to report two new data items to us.
Since the introduction of the pension freedoms in April 2015 we have been collecting retirement income data from a representative sample of pension, annuity and income drawdown providers, originally on a quarterly basis. During this ad hoc collection we refined both the data we collect and the supporting guidance for firms. Building on our experience from the ad hoc data collection, we consulted on a proposal to create two new regulatory returns to collect retirement income data and replace the current ad hoc return.
Our consultation - CP16/36 - was published in November 2016. In it we sought views on proposed changes to our rules to require firms to report two new data items to us:
These new data items will help us to identify emerging risks and target our supervisory resources more effectively. They will also inform our policy development, allow us to track market trends and help us to monitor the potential for consumer harm in the retirement income market.
These handbook changes are relevant to providers of pensions, annuities and income drawdown. They are also relevant to stakeholders with an interest in pensions and retirement issues, including:
Firms should consider the changes we have made to the rules and guidance in our handbook. They should put processes in place to make sure they can meet the new reporting requirements.
REP015 must first be submitted within 45 business days of 30 September 2018 and should contain data for 1 April 2018 to 30 September 2018. It should be submitted every six months thereafter.
REP016 must first be submitted within 45 business days of 31 March 2019 and should contain data for 1 April 2018 to 31 March 2019. It should be submitted annually thereafter.