Government seeks views on "guided retirement" for workplace pensions

The Department for Work and Pensions (DWP) published a consultation on 3 November 2026 on initial proposals for implementing "guided retirement". It covers both contract-based and trust-based pension providers.

What the consultation covers

The government says it wants to introduce provisions so that people saving into a defined contribution workplace pension no longer have to make complex decisions on their own about how to access their savings.

The document sets out initial thinking on requirements to be included in two places:

• secondary legislation made under the guided retirement provisions in Part 2, Chapter 6 of the Pension Schemes Act 2026,
• Financial Conduct Authority (FCA) rules, which aim, as far as possible, to achieve the same outcomes.

The consultation seeks views on the effectiveness, feasibility and practical implementation of the proposals.

Who prepared it

The proposals were developed in collaboration between the DWP, HM Treasury, the FCA and The Pensions Regulator. The government page also lists Torsten Bell MP as one of the publishers.

At the same time, the government has published draft regulations on Retirement Collective Pension Schemes, which are also out for consultation.

Deadline

The consultation is open until 11:59pm on 21 December 2026. The detailed proposals are in the document "Guided retirement policy consultation", available on GOV.UK.

What this means for you

These are initial proposals at this stage, not rules in force. The consultation concerns people saving into defined contribution workplace pensions, which includes many people working in the UK. The changes could in future affect how providers help people choose how to take their money. The final shape of the rules depends on the consultation results and later legislation. Interested individuals and organisations can submit their views.