Govt to introduce personalised risk warnings on all guaranteed pensions

In a consultation response published in July, the government said it acknowledged concerns raised about the advice requirement not covering some money purchase benefits with guarantees in occupational schemes. From 6 April 2018 risk warnings will therefore need to be provided to all members in GARs schemes, whether the value of the pot is above or below £30,000, unless annulled by parliament, the government said. At present only members with a defined benefit scheme or GARs valued at £30,000 or more must seek financial advice before transferring out. While the advice requirement wi...