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

Pension freedoms and lessons from Down Under

Pension freedoms and lessons from Down Under

How the UK can build a more 'robust and supportive' system

Verona Kenny
clock 09 April 2025 • 4 min read
UK workers regret not learning about pensions sooner

UK workers regret not learning about pensions sooner

Over half admit to feeling out of their depth, research finds

Isabel Baxter
clock 08 April 2025 • 2 min read
Why is it so difficult to switch a pension? Navigating the transfer maze

Why is it so difficult to switch a pension? Navigating the transfer maze

‘If I didn’t work in pensions, I might have simply given up on many occasions

Lisa Picardo
clock 08 April 2025 • 4 min read