supporting, developing and representing community groups,
voluntary organisations, social enterprises and volunteering
New measures to protect savers and boost pension guidance take-up
Created: 31/01/2022, Updated: 03/02/2022
The UK Government has introduced new measures to ensure savers are fully informed of their options when seeking to access their pension pots.
From 01 June 2022, occupational pension schemes will be required to present people with guidance as a routine part of accessing pension savings. They must also offer to book a Pension Wise appointment for a saver, unless they actively decide to opt out of receiving guidance.
Pension Wise is a government service that provides free, impartial, guidance to help individuals aged 50 and over consider the options for accessing their defined contribution (DC) pension. At a Pension Wise appointment, trained specialists talk savers through their options and help them understand what their overall financial situation will be when they retire, supporting them to make the decision that’s right for them.