The purpose of collecting this data is to assist the FCA in the ongoing supervision of firms providing certain retirement income products and to enable the FCA to gain a wider understanding of market trends in the interests of protecting consumers.
A firm must submit:
a retirement income flow data return half-yearly; and
a retirement income stock data and withdrawals flow data return annually;
within 45 business days of the end of the relevant reporting period.
The relevant reporting periods are as follows:
for retirement income flow data returns, the six month periods ending on 31 March and 30 September in each calendar year;
for retirement income stock data and withdrawals flow data returns, the twelve month period ending on 31 March in each calendar year.
A firm must submit a nil return if there is no relevant data to report.