Consultation outcome

Stronger Nudge to pensions guidance

• From: Department for Work and Pensions
• Published: 9 July 2021
• Last updated: 17 January 2022 — See all updates

This was published under the 2019 to 2022 Johnson Conservative government

Applies to England, Scotland and Wales

This consultation has concluded

Read the full outcome

Government response: Stronger Nudge to pensions guidance

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Detail of outcome

This is the government’s response to the July 2021 consultation on draft regulations implementing a Stronger Nudge to pensions guidance.

This document provides a high-level summary of the consultation responses received and the government’s response.

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Original consultation

Summary

Consultation on proposed regulations introducing requirements for individuals to be nudged to obtain appropriate pensions guidance by trustees and managers of occupational pension schemes.

This consultation ran from
9:30am on 9 July 2021 to 11:45pm on 3 September 2021

Consultation description

The purpose of this consultation is to seek views and evidence on the draft Regulations for delivering a Stronger Nudge to pensions guidance when individuals seek to access, or transfer for the purpose of accessing, their pension flexibilities applying to occupational pension schemes.

Sections 18 and 19 of the Financial Guidance and Claims Act 2018 provide the making of rules and regulations respectively to require scheme trustees and managers to refer individuals wishing to access or transfer their pension flexibilities to receive appropriate pensions guidance or to opt out of receiving such guidance prior to accessing or transferring their pension benefits.

The scope of this consultation relates to the draft Regulations to be made under Section 19 of the Financial Guidance and Claims Act 2018. The Financial Conduct Authority are responsible for consulting on the proposed rules to be made under Section 18 of the Financial Guidance and Claims Act 2018.

We wish to establish whether the draft Regulations achieve their intended purpose. We are seeking to understand and welcome views on any impacts and unintended consequences that the draft Regulations might have when implementing these regulations in practice. In particular, we are interested to find out what effect this may have on the customer journey, how the nudge would fit into existing provider communications and practices, and any foreseeable impacts that may surround this.

Documents

Stronger Nudge to pensions guidance

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Draft regulations: The Occupational and Personal Pension Schemes (Disclosure of Information) (Amendment) Regulations 2021

PDF, 424 KB, 6 pages

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Published 9 July 2021
Last updated 17 January 2022 + show all updates

1. 17 January 2022

   Published the government’s response to the July 2021 consultation on draft regulations implementing a Stronger Nudge to pensions guidance.

2. 12 July 2021

   Revised the order of the list of questions at the end of the consultation. The questions remain the same, only the order has been changed to match the order they run in the consultation.

3. 9 July 2021

   First published.