Empowering Better Outcomes for All

The Retirement Income Taskforce, chaired by Margaret Snowdon OBE, is part of the Consumer Duty Alliance.

As a working group, it is dedicated to making retirement planning clearer, more accessible, and genuinely helpful for as many people as possible.

The changing nature of retirement

Retirement is no longer a ‘one size fits all’ nor one-off event. Some people want to retire early, some move to part-time work or a less demanding role, and others do not retire at all. Everyone’s journey is different and will be influenced by factors that are not purely financial –including social needs, health and family or other responsibilities.

The challenge

Most people do not have an in-depth understanding of pensions - how they work, or what actions may be needed to generate an income which may have to last for 30 years of more. Many also do not start planning until too late, which can force them to make important decisions without enough time to consider the implications.

Introducing the Retirement Income Taskforce

The Retirement Income Taskforce is a voluntary group of professionals with expertise in pension management, retirement planning and communications. They give up their time to provide free, additional support to future retirees, focused on three key areas:

1. Helping people to better understand their Retirement Options
   

We explain how savings and investments can be used to provide replacement income using clear, familiar language and without unnecessary jargon.

2. Championing good practice in advice and guidance

We set out what good advice and guidance should look like – regardless of who provides it or how it is delivered.

We expect those intermediaries who align with and support us to go beyond the minimum required by regulators, to build consumer confidence and trust in the services available.

We showcase articles, guidance and real-world examples of innovation in retirement planning, providing fresh ideas and success stories for people to follow.

3. Mobilising employers, trustees, providers and advisers:

We help employers, trustees and providers to build on their trusted relationship with their employees by sharing relevant materials and encouraging earlier planning - so that people can retire when they want, and in the way that works for them.

Recent Publications

Guides produced on behalf of the Retirement Income Taskforce for those giving advice and guidance include:

• A Good Practice Checklist for Advisers
  This handy checklist helps you stay on top of the FCA's Thematic Review into Retirement Income Advice and ensure you're enabling good financial outcomes for your clients. It includes recommendations across everything from cashflow modelling to risk profiling.
• Client Guide: Helping you to understand your defined benefit pension
  Practical guidance to help people with a DB pension scheme understand and appreciate what they're entitled to, especially those thinking about transferring their benefits to another pension plan. 
• Client Guide: What to think about before transferring your DB pension benefits
  Practical guidance for members of defined benefit (DB) pension schemes who are considering transferring their benefits to a personal pension or a Self-Invested Personal Pension (SIPP). 
  
• Client Guide: What to expect from a Financial Adviser
  Practical guidance for people considering working with a financial adviser for the first time, highlighting what to look for before they commit, what they’re paying for and the value they should expect in return.
• Client Guide: Helping you prepare for retirement
  Wouldn’t it be great to have the choice to stop working or reduce your hours as you get older? Have you thought about how your pensions can make that happen - and how to build a plan to make that happen? Here are three simple steps for people in their early 50s to help them build a plan for retirement.

About The Women's Wealth Alliance

A working group of the Consumer Duty Alliance, the WWA is committed to empowering women through financial education, planning, and coaching. With women projected to hold 60% of UK private wealth by the end of 2025, our mission is two-fold:

• To advocate for greater female representation in the personal finance sector, fostering a more inclusive industry aligned with the UK’s financial growth ambitions
• To support female financial independence and resilience, championing accessible resources to help women confidently manage their financial journeys and achieve their goals.

Attracting more women into the personal finance sector

We are dedicated to attracting more women into the personal finance sector, helping to shape an inclusive future that better reflects the diverse needs and perspectives of its clients and supports the government’s financial growth mandate. Only approximately 18% of financial planners are currently female according to FCA data obtained by a FOI request, and we need to move the dial on this at a much more rapid pace.

Helping women navigate their financial journeys

We aim to showcase accessible, relevant education and resources, enabling women to confidently navigate their financial journeys. By promoting financial planning and coaching, we strive to empower women to take control of their economic futures, make informed decisions that build financial resilience, and achieve their personal and professional goals.

Women, Wealth and the Workplace White Paper

The Women’s Wealth Alliance published its 'Women, Wealth and the Workplace' white paper on 10th November 2025, which includes a roadmap to increase the number of women working in personal finance. You can download the white paper here.

Informed by the survey responses of over 500 women, the WWA’s roadmap begins with:

• Publishing a career guide that demystifies roles and routes for women into the industry
• Developing a professional framework and CPD programme for financial coaching
• Creating a digital hub for development, mentoring, and the sharing of good practice

The paper also outlines actionable steps for advice firms, such as collecting gender data, rethinking hiring practices, and openly promoting female success stories, helping the profession to become more representative of its future clients.

Women in Personal Finance Survey

In June, the WWA commissioned a landmark survey to find out more about women’s career journeys within personal finance and the initial findings are now available - you can download the report here.

One statistic that stood out was that 93% of women surveyed who are currently, or have previously worked in the financial planning role would recommend it to other women. Interestingly, however, only 26% of women surveyed outside of this role would consider it in their future career. More widely, the research reveals a very positive picture of personal finance as a sector for women to succeed in their career journeys, with high average levels of satisfaction around flexibility, support and career opportunities. 

Managed independently by YouGov, the survey attracted 540 responses from women in a wide range of roles across the sector  - including financial planning and coaching, mortgage and protection advice, academy members, paraplanning, compliance and T&C, and support roles. Many thanks to everyone who took part or helped to share and support.

Thanks also to our research sponsors, IBOSS, LV=, Royal London and Quilter, who share the belief in data-led responses to attracting and advancing more women within personal finance. With 60% of UK wealth due to be in women's hands by the end of this year, a more inclusive sector dovetails with the government's growth mandate and the good news is there is no reason why personal finance should not become a sector of choice for women to build their careers.

Code of Professional Standards

All individual Members and Associate firms of the Consumer Duty Alliance shall, always:

1. Act in good faith in all dealings with clients.
2. Always avoid causing foreseeable harm to clients.
3. Inform, empower and support clients to pursue their financial needs, objectives and aspirations.
4. Fully disclose, clearly explain and consciously mitigate any conflicts of interest identified in our dealings with clients, including where commercial interests might conflict with a client's best interests.
5. Only offer products or services that are both suitable and needed, offering fair value and transparent pricing.
6. Ensure clients receive the support they need, when they need it.
7. Embrace a focus on customer vulnerability including adherence to the Consumer Charter of the Financial Vulnerability Taskforce.

Code of Professional Standards for Individuals

All individual Members and Associate firms of the Consumer Duty Alliance shall, always:

1. Act in good faith in all dealings with clients.
2. Always avoid causing foreseeable harm to clients.
3. Inform, empower and support clients to pursue their financial needs, objectives and aspirations.
4. Fully disclose, clearly explain and consciously mitigate any conflicts of interest identified in our dealings with clients, including where commercial interests might conflict with a client's best interests.
5. Only offer products or services that are both suitable and needed, offering fair value and transparent pricing.
6. Ensure clients receive the support they need, when they need it.
7. Embrace a focus on customer vulnerability including adherence to the Consumer Charter of the Financial Vulnerability Taskforce.