UK Gov't Plans 'Stronger Nudge' For Pensions Advice

Law360, London (July 9, 2021, 12:43 PM BST) -- The U.K. government outlined new rules Friday on pension trustees to "nudge" Britons looking to transfer their long-term savings toward the use of an official guidance service.

The Department for Work and Pensions said it wants workplace scheme trustees to offer to book a Pension Wise session for members considering transferring their money elsewhere.

The government has launched a consultation on the regulations, which come amid mounting concern over the low uptake of Pension Wise, a government-backed service that offers free pension guidance to customers on their retirement savings.

"It is vital that savers have the support they need when making...

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