The FCA has published Consultation Paper 16/36: Regulatory reporting: retirement income data (CP16/36). In CP16/36 the FCA sets out proposals to introduce two regulatory returns into chapter 16 of the Supervision manual to collect data about the retirement income market from providers of retirement income products.

The proposed regulatory returns will be:

  • REP015 – Retirement income flow data return (every six months); and
  • REP016 – Retirement income stock data and withdrawals flow data return (annually).

Providers of pensions, annuities and income draw down will be required to complete these two returns.

The FCA proposes to collect the following data in its drawdown, uncrystallised funds pension lump sum and annuities flow data return (REP015) for the six month reporting period:

  • number of transfers between providers over the period;
  • value of assets from plans entering drawdown;
  • number of plan holders who entered drawdown over the period;
  • number of annuities sold over the period;
  • how different distribution channels are used; and
  • use of advice and Pension Wise.

The FCA is proposing to collect retirement income stock data and withdrawals flow data annually (REP016), including:

  • number of annuity contracts in payment;
  • value of assets under administration;
  • value of withdrawals over the period;
  • annual rate of withdrawal by pot size and age bands; and
  • use of advice for withdrawals.

The FCA proposes to introduce the new reports from 30 September 2018. The first reporting period for REP015 will cover the six months from 1 April 2018 to 30 September 2018; REP016 will cover the 12 months from 1 April 2018 to 31 March 2019.

The deadline for comments on CP16/36 is 24 February 2017.

View Regulatory reporting: retirement income data: CP16/36, 25 November 2016