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January 2022 – Regulations introduced to encourage savers to get pension guidance before transferring

From 1 June 2022, regulations will come into force requiring funds who administer defined contribution pension benefits to do more to encourage those wishing to transfer out to take up guidance from Pension Wise.

The measures are being introduced to help savers understand their pension options and make better decisions about transfers. While these regulations will not apply to main LGPS pension benefits, we are awaiting clarification from the government as to whether or not the new measures will apply to AVCs.