Consultation outcome

Valuing pensions for the advice requirement and introducing new consumer protections

This consultation has concluded

Download the full outcome

Government response to the consultation on valuing pensions for the advice requirement and introducing new consumer protections

This file may not be suitable for users of assistive technology. Request an accessible format.

If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email accessible.formats@dwp.gsi.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Detail of outcome

Original consultation

Summary

This consultation seeks views on simplifying the process for determining who is required to take financial advice, and related issues.

This consultation ran from
to

Consultation description

This is a consultation on regulations which:

  • simplify the pension valuation process that determines who is required to take financial advice
  • ensure adequate consumer protections are in place

The draft regulations:

  • simplify the process for determining who is required to take financial advice
  • introduce tailored risk warnings which explain the likely impact of surrendering potentially valuable guarantees
  • provide for transitional arrangements where members have requested a transfer value in the run-up to these regulations coming into force

This consultation follows an earlier call for evidence on the advice requirement published with a consultation on the Occupational and Personal Pension Schemes Miscellaneous Amendments Regulations 2016.

As part of the consultation exercise, we’ve published here a draft version of an impact assessment to help us better understand the effects of the proposed changes. The consultation will inform any eventual submission to the Regulatory Policy Committee.  

Documents

Consultation on valuing pensions for the advice requirement and introducing new consumer protections

This file may not be suitable for users of assistive technology. Request an accessible format.

If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email accessible.formats@dwp.gsi.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Draft regulations: The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment) Regulations 2017

This file may not be suitable for users of assistive technology. Request an accessible format.

If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email accessible.formats@dwp.gsi.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Draft impact assessment: Simplifying advice requirements for safeguarded pension benefits and introducing new consumer protections

This file may not be suitable for users of assistive technology. Request an accessible format.

If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email accessible.formats@dwp.gsi.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Published 26 September 2016
Last updated 10 July 2017 + show all updates
  1. Added links to the regulations (in the outcome section under the government response).
  2. Published the government response to the consultation.
  3. First published.