As of 1 June 2022, providers of personal and stakeholder pensions (including SIPP operators) will be required to implement new rules that give customers a stronger nudge towards Pension Wise guidance when they decide to access their savings. Under the new rules, pension providers will be required to:

• refer customers to Pension Wise guidance.
• explain the nature and purpose of Pension Wise guidance.
• offer to book a Pension Wise guidance appointment in most cases, or provide customers with information to help those customers who want to book their own appointment.

These changes reflect a requirement set by Parliament and are designed to increase customer take-up of the Pension Wise service, which gives them access to free, impartial guidance about their pension options.

The publication of these rules focuses on ensuring customers have the right advice and guidance to make informed pensions decisions and forms part of the FCA’s drive to improve outcomes in the pension market. This is a critical part of the FCA’s work on consumer investments and was announced in the FCA’s Business Plan 2021/22.

The FCA has further changes in the pipeline and has been consulting with stakeholders on how to improve consumers’ access to Pension Wise and useful guidance during their pensions journey. Working alongside the DWP, the Money and Pensions Service and The Pensions Regulator, the FCA is considering feedback received on ways to increase take up of Pension Wise and whether further rules are required. Any further changes will be subject to future consultation.