The following Pensions guidance note provides comprehensive and up to date legal information covering:
With effect from 6 April 2015 (when the pension freedoms were introduced), provisions were inserted in legislation and the rules of the Financial Conduct Authority (FCA) Handbook which require trustees, managers and providers of contract-based and trust-based schemes to give members with flexible benefits (ie money purchase or cash balance benefits) information about their retirement options, mainly in the form of a ‘wake-up pack’. For more information, see Practice Notes:
Retirement communications in FCA-regulated pension schemes, and
Retirement communications in occupational DC schemes
To provide a 'second line of defence' for people who decide not to use the free and impartial pensions guidance available to help them choose a retirement option, the FCA and the Department for Work and Pensions (DWP) have introduced provisions requiring pension providers and trustees of defined contribution (DC) occupational pension schemes to give appropriate retirement risk warnings to scheme members seeking to access their pension pot.
This Practice Note focuses on the provision of retirement risk warnings as required by the FCA in respect of the pension providers it regulates.
For information on equivalent requirements applicable to trustees of DC occupational pension schemes, see Practice Note: Retirement risk warnings—requirements for occupational DC schemes.
While the risk warning requirements applicable to trustees of DC occupational pension schemes came into force on 6
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