Focus 125 – Wake Up Packs

As part of the FCA’s Retirement Outcomes Review initiative to improve consumer engagement with their retirement decisions, pension providers will be increasing the frequency and content of the documentation they issue to consumers as part of the Open Market Options pack (more commonly referred to as the “wake-up” pack).  This takes effect from 1^st November 2019.

There are a number of trigger points which will act as a prompt for us to contact members which include the member’s first request to access their pension, reaching their 50^th birthday and at 5-yearly intervals thereafter until they are fully crystallised.   The information pack must include prominent information on the Government’s free Pension Wise service, this is regardless of whether we are aware that the member may be receiving financial advice.

This information pack is to be sent directly to the member. Where we have email contact this will be sent electronically, but if this is not possible, it will be sent in the post to their home address.

If you have any queries regarding the information the member will receive from us, or you wish to have a copy of a member’s pack, please email your usual Talbot and Muir point of contact who will be pleased to assist.