Pension providers must give consumers looking to access their pension pots after 6 April "personalised risk warnings" before selling them retirement income products, the Financial Conduct Authority (FCA) has said.
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Clients looking to transfer out of defined benefit (DB) pension schemes could struggle to find willing advisers and providers to facilitate the shift, leaving them at greater risk of falling victim to fraudsters, Neil MacGillivray has warned.
People wanting to cash in their entire pension pots without taking regulated advice should be subject to a mandatory 30-day cooling off period, advice firm LEBC has said.
The UK will become a pensions transfer ‘haven' for European Union (EU) citizens once freedom and choice comes into effect, a top pensions lawyer has said.
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The government must shed light on how incoming pension flexibilities interact with means-tested benefit rules, according to shadow pensions minister Gregg McClymont.
The Budget reform package coupled with generation Y's complete disengagement from traditional retirement saving has effectively killed pensions in their current form, according to Michael Johnson.
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The Association of British Insurers (ABI) has called on the industry to fully support upcoming pension changes but warned "critical pieces of the jigsaw are still missing and will not be in place in time".