L&G has received approval from the Financial Conduct Authority to offer targeted support, focusing on members whose pension savings are fully invested in cash.
Under targeted support, L&G said it can highlight the risk of long-term investment in cash and provide a "practical suggestion empowering workplace pension scheme members to make their own decisions". Recent testing of L&G's targeted support communications relating to the cash investment use case showed that 85% of individuals want to read the materials, 95% find them easy to understand and 93% are clear on what to do next. Looking ahead, L&G said that targeted support will also be integrated into its new guided income solution, which is currently in development, aiming to help member...
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