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  • March 2015
03

Rules on retirement 'risk warnings' published by FCA

Open-access content 2nd March 2015

Pension providers will be required to provide personalised “risk warnings” to consumers who want to access their pension savings from 6 April.

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The Financial Conduct Authority (FCA) has published rules introducing additional protection for savers who wanted to access their defined contribution pension.

The FCA said firms were already required to provide risk warnings, but new personalised risk warnings must be given to customers who wanted to contact firms to access their pension savings.

According to the document Retirement reforms and the guidance guarantee: retirement risk warnings, firms should consider a number of issues when designing appropriate risk warnings, such as the health of a consumer, tax implications, impact of means-tested benefits and investment scams. 

The FCA also said firms would need to keep records of consumers who had received relevant warnings, and who had taken regulated advice or guidance from the government's impartial service Pension Wise.

Christopher Woolard, director of strategy and competition at the FCA, said: "The pension reforms give those people who are nearing retirement greater choice on what to do with their pension pots. We want to ensure that they get the right information so that they can make informed decisions about their future."

Andrew Megson, managing director of retirement at pensions provider Partnership, said: "More customers are in a position to take the most appropriate action for their situation."

He said this would add more responsibility to firms, adding: "We have been a strong advocate of the open market option and the 'second line of defence' should act as a prompt to ensure that people do shop around more to get the most appropriate deal for their circumstances.

"However, with more choice comes more responsibility and independent financial advisers will have a significant role to play in helping their customers to make smart choices around retirement."

This article appeared in our March 2015 issue of The Actuary.
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