Department for Work and Pensions (DWP) has outlined new plans to support savers looking for access to their pension pots to ensure people are fully informed before moving their money.
Currently, when people want access to their savings, their pension scheme is only required to tell them that free, impartial guidance is available from Pension Wise.
However, new ‘Stronger Nudge’ rules have been set out which propose requiring trustees and pension scheme managers to make sure the individual has either received, or opted out of receiving, that Pension Wise guidance, before proceeding with their application.
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