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.



Outsourcing to cloud and other IT service providers
Alistair MacDougall Compliance 2016, 2018, 2019, 2020, Data Protection Act, FCA, GDPR, Pension, PI, Update
Existing FCA guidance continues to apply rather than new EU guidelines.