New measures introduced to protect savers accessing pensions

Stronger nudge to pension guidance

New rules will come into effect on 1 June 2022, for those seeking to access their pension pots. Occupational pension schemes will need to present guidance as a part of people accessing pension savings, and offer to book a Pension Wise appointment for the individual which provides free, impartial advice for those over 50 years old.

Pension scammers have become a real concern and are stealing around £50,000 per scam from hard workers. These new measures will help to advise and educate people on their pensions and how to spot or question something that may be too good to be true. This should enable people to make informed choices about accessing their defined contribution pension.

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