Closed consultation

Valuing pensions for the advice requirement and introducing new consumer protections

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Original consultation

This consultation ran from to

Summary

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

Documents

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

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

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

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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.