Pensions & Retirement
FCA Authorisation
Specialist regulatory support for pension providers, SIPP operators, retirement planning advisers, and firms advising on pension transfers and consolidation.
Pensions Regulatory Landscape
The pensions and retirement sector encompasses advice on pension contributions, retirement planning, pension transfers, SIPP operations, and annuity selection. Given the critical importance of retirement outcomes, this is one of the most heavily regulated areas of financial services.
FCA regulation of pensions has intensified following high-profile pension transfer scandals, with particularly strict requirements around defined benefit to defined contribution transfers under COBS 19. The Pension Transfer Gold Standard and Consumer Duty have further elevated expectations for customer outcomes.
Successfully navigating authorisation requires demonstrating deep pension technical knowledge, robust advice processes, comprehensive safeguards for vulnerable customers approaching retirement, and evidence-based suitability frameworks that genuinely prioritize client best interests.
Typical Services
- Pension transfer advice (DB to DC)
- Operating a SIPP (Self-Invested Personal Pension)
- Retirement planning and income drawdown advice
- Annuity and lifetime income selection
- Pension consolidation and scheme comparison
- Workplace pension scheme advice
Required FCA Permissions
Pension firms require specific permissions based on their advice and operational activities.
Advising on Pensions Transfers
Advising clients on transferring pension benefits, particularly defined benefit to defined contribution transfers.
- Pension Transfer Specialist
- COBS 19 compliance
- Transfer Value Analysis
- Appropriate Pension Transfer Analysis (APTA)
Operating a SIPP
Operating a Self-Invested Personal Pension allowing members greater control over investment choices.
- CASS compliance
- Pension scheme rules
- Investment due diligence
- Member communication
Advising on Investments (Pensions)
Providing investment advice to pension scheme members on their pension investment strategy and asset allocation.
- Qualified advisers
- Suitability assessments
- Retirement risk profiling
- Drawdown modeling
Establishing, Operating or Winding Up a Personal Pension Scheme
Setting up, operating, or winding up personal pension schemes including stakeholder pensions.
- Pension scheme documentation
- Trustee arrangements
- Member protections
- Regulatory approvals
Safeguarding and Administration (Pensions)
Holding and administering pension assets and contributions on behalf of scheme members.
- CASS compliance
- Client money segregation
- Asset reconciliations
- CASS oversight function
Advising on Pension Income Options
Advising on retirement income options including annuities, drawdown, and uncrystallised funds pension lump sums.
- Retirement options analysis
- Annuity comparisons
- Drawdown sustainability
- Tax implications advice
Key Regulatory Requirements
Pension firms must demonstrate compliance with COBS 19, pension transfer rules, and Consumer Duty.
Pension Transfer Rules (COBS 19)
Pension Transfer Specialist Requirements
SIPP Operational Requirements
Consumer Duty for Pensions
Vulnerable Customer Protections
Financial Resources and Capital
Common Authorisation Challenges
Issues we frequently help pension firms navigate during the FCA application process.
Demonstrating appropriate pension transfer qualifications and experience is critical. We help identify suitably qualified advisers, evidence relevant experience, and structure supervision arrangements that satisfy FCA expectations.
Building comprehensive Appropriate Pension Transfer Analysis frameworks aligned with COBS 19. We provide APTA templates, transfer value comparator tools, and suitability report structures that meet regulatory standards.
For SIPP operators, demonstrating robust due diligence on non-standard investments like property and unquoted shares. We create due diligence frameworks, risk assessment methodologies, and member disclosure protocols.
Evidencing good retirement outcomes under Consumer Duty is challenging. We help design outcome metrics, implement monitoring frameworks, and demonstrate how products and services deliver fair value throughout retirement.
Securing adequate PII for pension transfer advice can be difficult and expensive. We connect firms with specialist brokers, help structure risk management to improve insurability, and evidence robust risk controls.
Implementing effective vulnerable customer identification and support for those approaching retirement. We develop comprehensive frameworks covering capacity for loss, financial capability, and health considerations.
How We Support Pension Firms
Pre-Application
- Business model scoping and permissions mapping
- Pension Transfer Specialist identification and recruitment
- APTA framework and tools implementation
- SIPP structure and non-standard asset policy design
- Professional Indemnity Insurance procurement support
- Capital planning and financial resources assessment
Application Preparation
- Complete Connect application submission
- COBS 19 compliance manual and pension transfer procedures
- SIPP operational procedures and CASS compliance (if applicable)
- Suitability and advice process documentation
- Vulnerable customer framework for retirement decisions
- Consumer Duty implementation and outcome metrics
Post-Submission
- FCA query management and technical responses
- Senior Manager and Pension Transfer Specialist interviews
- Additional documentation and evidence requests
- Conditional approval requirements fulfillment
- Post-authorisation compliance monitoring
- Ongoing pension regulatory advisory and updates
Ready to Get Authorised?
Speak with our pensions regulatory specialists to discuss your FCA authorisation for pension services.