FCA's refreshed wake-up packs 'still not enough' for savers

Sent to retirement savers at age 50

clock • 1 min read

The Financial Conduct Authority's (FCA's) reformed pension wake-up packs coming into effect this week are "still not enough" for most savers, according to education provider Wealth at Work.

Wake-up packs are currently sent to members around six months prior to their expected retirement date and tend to be lengthy documents. From Friday (1 November) the revamped packs will aim to encourage people to take an interest in their pension earlier and set more money aside for retirement if necessary. However, Wealth at Work director Jonathan Watts-Lay said that "hundreds of thousands do not understand how to manage retirement income", noting the simplified packs are "still not enough" and early financial education would be much more beneficial. "Financial education and guidan...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Pension transfers and the FCA: A well-meaning intervention that risks falling short

Pension transfers and the FCA: A well-meaning intervention that risks falling short

'The secret is giving people the right information at the right time'

Rachel Vahey
clock 28 January 2026 • 4 min read
State pension deferrals: 42,000 who postponed took benefit in 2023/24

State pension deferrals: 42,000 who postponed took benefit in 2023/24

FoI request from provider Royal London

Jenna Brown
clock 28 January 2026 • 3 min read
SSAS: Practitioner-only and professional trustees – what's the difference?

SSAS: Practitioner-only and professional trustees – what's the difference?

'Robust governance and informed decision-making are critical'

Caitlin Southall
clock 27 January 2026 • 5 min read