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Freedom & Choice is now upon us, and as we’ve only recently discovered, it will extend to existing pensioners as well as those retiring from 6 April. So, potentially good news all round – except if you’re a trustee! In that case, it’s just one big headache, with lots to do and so little time!
Here at Rubicon, we’re interested in the communication outputs relating to Freedom & Choice. We’ve recently found out more about Pensionwise, and in particular, the new responsibilities imposed upon DC scheme trustees.
From 6 April, all DC schemes will have to signpost the new Pensionwise guidance facility, to members over age 55. Trustees will have to inform those members of the new choices available to them and about the risks those choices present (eg., relating to tax, longevity, inflation etc.).
There will be 3 trigger points for DC schemes to signpost Pensionwise:
What information must members be given about Pensionwise?
Trustees must make sure that members are encouraged to take 'guidance', but also that they understand the importance of seeking independent financial advice, if necessary.
You can find out more on the Pensionwise website (pensionwise.gov.uk). If members want to make an appointment they should call 030 0330 1001.
For bespoke communications tailored to the needs of your scheme, and your members, call Rubicon on 01475 727717.