The Financial Conduct Authority (FCA) has proposed retirement wake-up packs should should be sent to customers from the age of 50 to ensure better engagement for customers in the conclusion of its retirement outcomes review.
The regulator's review of the post-pension freedom retirement landscape found while consumers value the changes to how they can access their money many were not getting value for money. It outlined a range of measures designed to better protect consumers, improve engagement and promote competition within the market. The FCA is proposing that 'wake-up' packs should be sent to customers from the age of 50 and then every five years until the customer has fully accessed their pension pot. The new packs are to include a single page summary, also known as a 'pensions passport' and firms...
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