DC pension flexibility: pension guidance requirements | Practical Law
This note considers the pension guidance service, branded "Pension Wise", which has been in place since the government's pension flexibility reforms were introduced in 2015 and is designed to offer free and impartial advice about the options available for those accessing their pension savings. The note also outlines the requirements on pension trustees and providers to signpost individuals to the Pension Wise service and issue risk warnings to those considering accessing their pension savings. In addition, the note looks at the rules that came into force on 1 June 2022 that require pension trustees and providers to give individuals a "stronger nudge" to obtaining pension guidance or regulated advice.