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Detail of outcome
We published the government response to this consultation on 6 July 2017.
The regulations are available here:
We published guidance on Safeguarded-flexible pension benefits: simplified valuation and introduction of personalised risk warnings in November 2017.
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.