DWP Factsheet

The Department for Works and Pensions (DWP) has produced a factsheet for pension scheme providers but which will be of interest to advisory firms.

It aims to clarify two issues, namely:

  • Whether certain types of pension benefits which contain a promise, including those with a guaranteed annuity rate (GAR), are safeguarded benefits;
  • When the exception to the requirement to take independent advice for those with safeguarded benefits worth £30,000 or less applies.

You can access the factsheet here.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

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Our View

In this age of litigation, it is pretty staggering to see that even the DWP has included a legal disclaimer in this guidance.

Nevertheless, it provides a useful source of information.

Action Required By You

Read the factsheet carefully and file for future reference.

About the Author

Steve is an ATEB Director and has a deep understanding of all matter regulatory, built up over his 30 years + in the industry. With a training background and a technical brain, he overseas numerous complex projects and client implementation work.

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