Pension Plans Told To Push Advice Sessions For Members

Law360, London (May 4, 2021, 4:30 PM BST) -- Britain's financial watchdog said on Tuesday that it wants pension schemes to give their members a stronger "nudge" toward official guidance, amid concerns that people are accessing their savings without getting proper advice.

The Financial Conduct Authority has floated plans that would require schemes to book members in for appointments with Pension Wise, the government body which gives guidance about defined contribution pension options.

The proposals come amid mounting concern over the low uptake of the service, which is operated by the Money and Pensions Service.

According to figures from the service, just 1.2% of individuals in London with defined contribution...

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