“Stronger Nudge to pension guidance” measures to come into force 1 June 2022
18 January 2022
New measures came into law on 17 January 2021 in an aim to “protect savers and boost pension guidance take-up.”
The rules, which come into force on 1 June 2022, will mean that all individuals aged 50 and over will be offered free impartial guidance when looking to access their Defined Contributions (DC) Pension pot. This follows trials and a consultation completed by the Department for Work and Pensions (DWP).
Qualifying individuals will be offered a Pension Wise appointment unless they have opted out of receiving guidance.
The DWP consultation response, released 17 January 2022, explores the changes made to their initial draft legislation and explains reasonings behind the decisions and changes made to the final legislation.
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