TPR urges trustees to prepare for ‘stronger nudge’ regulations

The Pensions Regulator (TPR) has urged trustees to prepare for changes that will require them to give defined contribution (DC) pension savers a ‘stronger nudge’ towards booking Pension Wise appointments.

The Department for Work and Pensions (DWP) rules are expected to be laid this month (January) following its consultation, which was launched in July.

Trustees will be required to offer to make a Pension Wise appointment for individuals seeking to access or transfer their pension once the regulations come into force.

If ‘reasonable’ steps have been taken to make an appointment but no suitable date or time can be found, trustees must provide savers with details to make an appointment themselves.

Trustees will be required to ensure that savers have either received or opted out of receiving guidance.

In a blog, TPR executive director of regulatory policy, analysis and affairs, David Fairs, said that the regulator planned to produce its own guidance for trustees and administrators ahead of the new regulations coming into force.

“There is still work to do to tackle savers’ apathy when it comes to engaging with their pension,” Fairs wrote.

“Pension Wise fills a specific purpose well, but savers should be aware of how and when they can access the most suitable guidance for them at their stage in their pension journey.

“MoneyHelper, from the Money and Pensions Service (Maps), provides other guidance services, and is planning to enhance its guidance offering by directing consumers to the service appropriate for their needs.”

Fairs noted that Maps was starting work on a Pension Wise digital appointments to meet increased demand for the service and encourage more savers to access guidance.

“We know that these changes will require changes in scheme processes – which is why I hope trustees along with their administrators will be preparing for them now,” he continued.

“Guidance and pensions should go together like fish and chips. I hope trustees will recognise this vital link so that savers benefit from receiving the right guidance, at the right time and ultimately make the right decisions.”

    Share Story:

Recent Stories


Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth.

ESG & DC – creating the right tools
In the latest of our series of Pensions Age video inteviews Francesca Fabrizi, Editor in Chief of Pensions Age is joined by Manuela Sperandeo, Head of Sustainable Indexing EMEA, BlackRock and Mark Guirey, Executive Director, Asset Owner and Consultant Coverage - MSCI to discuss some key trends of ESG investing among UK pension funds today

Multi asset credit
Pensions Age editor, Laura Blows, discusses multi asset credit with Royal London Asset Management senior fund manager, Khuram Sharih
Pensions Age podcast: buy-outs and buy-ins for member and employer nominated trustees
Pitfalls and good practice when approaching insurers with Pensions Age editor, Laura Blows, Martin Parker (Just Group) and Akash Rooprai (ITS)