DWP steps up nudge programme to push savers onto Pension Wise

Minister plans to make Pension Wise guidance more accessible for those who want it

Holly Roach
clock • 3 min read

The Department for Work and Pensions (DWP) has expanded the scope of the ‘stronger nudge’ initiative to help more savers benefit from pensions guidance.

In response to its Stronger Nudge to Pensions Guidance consultation - which launched last July - the DWP has now confirmed it will bring forward regulations to ensure individuals in scope are made aware of Pension Wise guidance when they seek to access their defined contribution (DC) pension savings. The DWP said pension companies will not have to book a Pension Wise appointment for someone but will be "required to facilitate the booking as part of the application process". It said this "may be satisfied by providing a phone number for beneficiaries to call if they wish the scheme to ...

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 Retirement

Perfect timing: How to advise clients on the right time to retire

Perfect timing: How to advise clients on the right time to retire

Striking a balance between health, wealth and personality

Richard Hulbert
clock 05 February 2024 • 4 min read
Baillie Gifford: Enjoying later life without an income from work

Baillie Gifford: Enjoying later life without an income from work

The latest from PA’ Digital Working Lunch webinar series

Professional Adviser
clock 12 December 2023 • 2 min read
Knowledge is power: How to help turn retirement dreams into reality

Knowledge is power: How to help turn retirement dreams into reality

Being on top of money is key to achieving retirement ambitions

Emma Barrow
clock 29 November 2023 • 6 min read