SUP 16.24 Retirement income data reporting

Application

SUP 16.24.1R

1This section applies to:

  1. (1)
    1. (a)

      a firm with permission to establish, operate or wind up a personal pension scheme or a stakeholder pension scheme; and

    2. (b)

      a firm with permission to effect or carry out contracts of insurance in relation to life and annuity contracts of insurance2.

  2. (2)

    This rule does not apply to an incoming firm:

    1. (a)

      in respect of that part of its business that was carried on as an electronic commerce activity; or

    2. (b)

      if the customer is habitually resident in (and, if applicable, the State of the risk is) an EEA State other than the United Kingdom, to the extent that the EEA State in question imposes measures of like effect.

Purpose

SUP 16.24.2G
  1. (1)

    The purpose of this section is to set out the requirements for the firms specified in SUP 16.24.1R to report retirement income data.

  2. (2)

    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.

Reporting requirement

SUP 16.24.3R
  1. (1)

    A firm must submit:

    1. (a)

      a retirement income flow data return half-yearly; and

    2. (b)

      a retirement income stock data and withdrawals flow data return annually;

    within 45 business days of the end of the relevant reporting period.

  2. (2)

    The relevant reporting periods are as follows:

    1. (a)

      for retirement income flow data returns, the six month periods ending on 31 March and 30 September in each calendar year;

    2. (b)

      for retirement income stock data and withdrawals flow data returns, the twelve month period ending on 31 March in each calendar year.

  3. (3)

    A firm must submit a nil return if there is no relevant data to report.

  4. (4)

    A firm must submit its completed returns to the FCA online through the appropriate systems accessible from the FCA’s website using the forms set out in SUP 16 Annex 43AR.

SUP 16.24.4G

Guidance for completion of the returns in SUP 16.24.3R(1) is set out in SUP 16 Annex 43BG.

SUP 16.24.5G

Firms’ attention is drawn to SUP 16.3.25G regarding reports from a group.