The new cross-sector Retirement Income Taskforce (RIT) is aimed at “collectively tackling” the challenges facing the sector alike.

Keith Richards, CEO of the Consumer Duty Alliance which has signed up 15,000 members in just over a year, said the CDA would throw its weight behind the Retirement Income Taskforce.

In an exclusive column for Financial Planning Today, he writes today that following the Treasury and FCA joint consultation on the advice / guidance boundary too many consumers are clearly unaware and unengaged with retirement planning.

He said the Retirement Income Taskforce believes that millions are at risk of unnecessarily 'sleep walking' into a life of poverty during later life or will be forced to work into their seventies.

The Taskforce is calling on Government and regulators to work with the sector to address and mitigate foreseeable harm.

The new Taskforce will be chaired by Margaret Snowdon OBE, with Keith Richards, CEO of the Consumer Duty Alliance (CDA), acting as sponsor and the CDA providing secretariat and operational support.

The cross-sector Steering Group comprises many of the founding members of the previous Pensions Advice Taskforce (PAT), which established a widely-adopted consumer guide known as the Pension Transfer Gold Standard in 2018. PAT was disbanded in mid 2021, after its chair, Keith Richards, stepped down.

Members of the cross-sector Steering Group are senior stakeholders who represent consumer bodies, industry bodies, financial advisers scheme administrators, pension providers, PI insurers, trade bodies and compliance consultants, all with experience of both individual and workplace pensions.

Mr Richards said the Taskforce’s Terms of Reference will incorporate and augment current industry initiatives aimed at helping consumers better understand and engage with planning for their retirement needs.

RIT is aiming to deliver “practical interventions” to help address the challenges faced by consumers and the wider market, stemming from Pension Freedoms, economic and political dynamics and the lack of consumer awareness and engagement towards retirement income planning.

The Consumer Duty Alliance is consumer focused and aims to support the sector in implementing the FCA's Consumer Duty. It has attracted a number of initial stakeholders including Threesixty Services, SimplyBiz, NextGen Planners, Verve, and Quilter. Legal and General and Howden are Foundation Affiliates of the CDA.

The CDA has more than 15,000 members and over 60 affiliates. It expects to exceed 20,000 members by the end of 2024, Mr Richards said.