Valuing pensions for the advice requirement and introducing new consumer protections
Applies to England, Scotland and Wales
Download the full outcome
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.
Original consultation
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
Last updated 10 July 2017 + show all updates
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Added links to the regulations (in the outcome section under the government response).
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Published the government response to the consultation.
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First published.