Pension providers will now have to give customers a stronger nudge towards taking guidance when they decide to access their savings.
Under changes brought in this week by the Financial Conduct Authority (FCA), providers will be required to refer customers to Pension Wise for free, impartial guidance about pension options. The providers will be asked to explain the purpose of Pension Wise and, in most cases, offer to book an appointment for customers.
The pension freedoms have made it easier for over-55s to do as they wish with their pension savings, rather than having to buy a retirement annuity for a fixed income.
