The FCA has published Policy Statement 15/4: Retirement reforms and the guidance guarantee: retirement risk warnings (PS15/4).

In PS15/4, the FCA sets out new rules which will require firms to give appropriate retirement risk warnings to consumers accessing their pension savings. Based on how a consumer wants to access their pension savings, firms will be required to ask the consumer relevant questions to determine whether risk factors are present, and if so, will be required to give risk warnings.

The rules in PS15/4 are relevant to all firms operating personal pensions, stakeholder pensions, selling pension decumulation products or facilitating the access of pension savings on an execution-only basis. These firms must make any changes necessary to comply with the rules before they come into force on 6 April 2015.

As part of a wider consultation on the rules around consumer interaction with pension providers, the FCA will consult this summer on whether to retain, modify or add to the rules contained in PS15/4.

View FCA PS15/4: Retirement reforms and the guidance guarantee: retirement risk warnings, 27 February 2015