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-...

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