Introduction of stronger pension nudges 'wholly unnecessary' for advised clients

FCA's rules come into effect

Julia Bahr
clock • 5 min read

From Wednesday 1 June 2022, pension providers will have to give customers - both advised and non-advised - a stronger nudge to Pension Wise when they decide to access their savings.

In December 2021, the FCA announced final rules requiring providers to implement the "stronger nudge" to Pension Wise guidance when customers access their retirement pot. The regulator's rules apply to providers of personal and stakeholder pension schemes, including operators of self-invested personal pensions. "We have worked closely with the Department for Work and Pensions on these rules, as they are working on corresponding regulations for occupational pension schemes," the watchdog said at the time. They implement a requirement set by Parliament and are designed to increase take-...

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

Planning ahead of IHT changes: Using pensions to support charities

Planning ahead of IHT changes: Using pensions to support charities

Practical planning steps for advisers

Pooja Shah
clock 16 April 2026 • 5 min read
FCA to take action against Hartley Pensions and involved individual

FCA to take action against Hartley Pensions and involved individual

Entered administration in 2022

Jen Frost
clock 15 April 2026 • 2 min read
From A-day to IHT: How government forgot the meaning of 'consultation'

From A-day to IHT: How government forgot the meaning of 'consultation'

'What is particularly galling is that there were viable alternatives'

Rachel Vahey
clock 14 April 2026 • 3 min read