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.



Operational resilience: preparing for the switch from analogue to digital phone lines
Richard Foster Compliance FCA, Switch
The FCA has recently issued a reminder to firms about forthcoming changes to the UK telephone system. The current analogue phone network (known as the Public Switched Telephone Network or PSTN) is starting to be switched off across the UK. It will be completely decommissioned by the end of 2025, migrating to a […]