UK. New FCA rules require firms to give ‘stronger nudge’ towards pension guidance
From 1st June 2022 pension providers will have to give customers a stronger nudge to Pension Wise when they decide to access their savings.
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Providers will be required to refer customers to Pension Wise guidance, explain the nature and purpose of the guidance and offer to book a Pension Wise guidance appointment in most cases.
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The changes implement a requirement set by Parliament and are designed to increase take-up of the Pension Wise service.
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The rules apply to providers of personal and stakeholder pension schemes, including operators of self-invested personal pensions. The FCA has worked with the Department for Work and Pensions on these rules, as they are working on corresponding regulations for occupational pension schemes.
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