DWP has confirmed the inclusion of most changes announced in a consultation in November 2015 to reflect the introduction of the “DC” pension flexibility reforms.
Trustees of registered occupational schemes must take note of the new requirement to issue members with a generic "retirement risk warning" at retirement. The obligation is less onerous than it appears at first sight. Trustees will be able to tailor the communication to the options available to the particular member rather than covering all the possible “flexible” pension options. Nevertheless, DWP has decided not to introduce its proposed requirement for trustees to provide such a warning on members’ requests to transfer.