The Pension Wise standards before 1 January 2019 [Archived]
The Pension Wise standards before 1 January 2019 [Archived]

The following Pensions practice note provides comprehensive and up to date legal information covering:

  • The Pension Wise standards before 1 January 2019 [Archived]
  • Who had to comply with the Pension Wise standards?
  • Responsibility for setting and maintaining the Pension Wise standards
  • Purpose of the Pension Wise standards
  • Standard 1—Free at point of delivery
  • Standards 2 to 9—Delivering the guidance
  • Standard 2
  • Standards 3–6
  • Standard 7
  • Standard 8
  • More...

ARCHIVED: This archived Practice Note provides information on the standards applicable in respect of the Pension Wise guidance service before 1 January 2019, including how these standards were enforced. It is not maintained and is for background information only. For more information on the Pension Wise guidance service on and from 1 January 2019, see Practice Note: The pensions guidance offered by the Money and Pensions Service (MaPS) since 1 January 2019.

As part of the pensions freedoms (also known as pension flexibilities) introduced on 6 April 2015, all scheme members with 'flexible benefits' (effectively, money purchase and cash balance benefits) were entitled to free impartial guidance at retirement to help them make the most of their pension savings. This guidance service was introduced on 6 April 2015 under the ‘Pension Wise’ brand.

Since 1 January 2019, the Pension Wise guidance has been delivered by the Single Financial Guidance Body (SFGB) which is responsible for creating its own guidance standards. Before 1 January 2019, the Pension Wise guidance was delivered by The Pension Advisory Service and the Citizens Advice Bureaux, with applicable guidance standards set by the FCA.

This Practice Note focuses on the Pension Wise guidance standards applicable before 1 January 2019.

For more information on the Pension Wise guidance as delivered before 1 January 2019, see Practice Note: The Pension Wise guidance before 1

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