UK watchdog reveals plans to ‘fix’ pension freedoms
The UK's Financial Conduct Authority (FCA) has today published its long-awaited Retirement Outcomes Review, with plans to 'fix' the problems that have arisen due to pension freedoms at the forefront.
In a review document, published on the UK watchdog's website earlier today, key points included:
- Retirement wake-up packs to be overhauled and issued earlier (from age 50) and more often (every five years)
- Firms will also be required to provide retirement risk warnings alongside wake-up packs
- Savers will receive a one-year charges figure prior to entering drawdown