New personal pension rules could help savers make smarter financial decisions and avoid fraud, the Government has suggested.

The report comes after the proposal of new “Stronger Nudge” rules, requiring trustees and pension scheme managers to ensure that savers are receiving the best advice available.
Under current laws, pension scheme providers are only required to inform people about Pension Wise – a free impartial advice service – when they are seeking to access their savings.
But the new rules will require that the individual has either received – or opted out of receiving – Pension Wise guidance before proceeding with their transfer or withdrawal.
Scheme managers will also be obliged to offer to book a Pension Wise appointment on the individual’s behalf.
The service, which launched in 2015 as part of the new Pension Freedoms reforms for over-50s, helps savers understand how the new rules work, what options are available to them, and how to avoid fraud.
Commenting on the proposals, Minister for Pensions, Guy Opperman, said: “It is vital that savers have the support they need when making decisions about their pension pots that could have serious financial consequences for them in later life.
“Pension Wise is a fantastic service that offers free, impartial guidance and so I want to see as many people as possible using it.
“This change is vital in preventing savers from failing to take advice and increasing the take-up of the guidance that is available.”
More information about the changes can be found here.
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