Tender: Research Services to Improve Communication of Uncertainty in Defined Contribution Pension Illustrations

About

The Financial Reporting Council (FRC) is seeking a supplier for research services to examine how uncertainty and variability in estimated defined contribution (DC) pension income can be communicated clearly and effectively to savers. The contract covers a targeted review of relevant academic and professional research; development of evidence-based wording, narratives, presentation formats and visualisations informed by behavioural science; and empirical testing with DC savers using a balanced mix of quantitative and qualitative methods and an inclusive research design. The supplier must demonstrate understanding of saver behaviour and key pension-planning risks including investment, inflation and longevity risks. Deliverables include interim outputs, communication mock-ups and a concise final report setting out methodology, analysis, results, conclusions and limitations. The anticipated contract period is January to October 2027 and the FRC has undertaken preliminary market engagement (findings are in the Appendix within the Invitation to Tender).