Watchdog Urged To Update Pension Withdrawal Advice Rules

Law360, London (July 13, 2021, 3:40 PM BST) -- The City watchdog and the government should write rules on guidance for pension providers in the U.K. to ensure they give more support to members who withdraw long-term savings, according to the trade body for British insurers.

Rob Yuille, head of retirement policy at the Association of British Insurers, has said that advice given to retirement savers who make lump-sum withdrawals should be more detailed. Providers should not simply give people information and allow them to make choices but change their methods to make those choices simpler, Yuille wrote in a blog on the trade body's website on Monday.

He pointed to the...

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