Stronger nudge to pension guidance

From 1 June 2022, pension providers are required to give a stronger nudge to pension guidance. The aim of the new regulations is to support customers to make informed decisions about accessing their pensions savings.

When any customer contacts us to access their pension savings, we are required to provide a ‘stronger nudge’ to encourage them to seek guidance from Pension Wise. This applies to all customers, including those with an adviser, and those who are over 50 and making a pension transfer.

When customers contact us directly we have an obligation to:

• Refer them to Pension Wise guidance
• Explain the nature and purpose of this guidance
• Offer to book them an appointment with Pension Wise
• Record if they wish to opt out from taking Pension Wise guidance
• Re-nudge them to Pension Wise guidance if we are aware their circumstances have changed significantly

More information can be found on the FCA website.

If you have clients who regularly contact us directly to access their pensions savings, you may want to let them know that we’ll be required to provide a nudge to Pension Wise guidance.  If when we provide the nudge they tell us they’ve taken advice or don't want to have a guidance appointment with Pension Wise, we’ll just record this and carry out their instruction.

Transfer Out Application Form (Gen2724)

Please access the forms on  abrdn.com rather than Adviserzone.com going forward.

Need more information? Please get in touch with your usual abrdn contact.