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<p>The Department for Work and Pensions (DWP) is currently introducing several initiatives
to assist people in understanding their pensions.</p><p> </p><p>The Stronger Nudge
to pensions guidance regulations, coming in to force on 1<sup>st</sup> June 2022,
ensure no-one will be able to access their savings through pension freedoms without
having received Pension Wise guidance or opted out. As part of this, schemes will
offer to book of a Pension Wise appointment for the member as part of the application
process, removing the inertia introduced by members having to book their own appointment.</p><p>
</p><p>From October this year, new regulations come into force that require defined
contribution schemes used for automatic enrolment to send simpler, 2-page maximum,
statements to members. These short, simpler statements will give savers the key information
they need to be able to better engage with and understand their pensions. They will
help people plan for the retirement they want.</p><p> </p><p>DWP published a consultation
on the draft regulations for Pensions Dashboards, which closed on 13 March 2022. Following
publication of its response, expected this summer, the department will lay regulations
for dashboards when parliamentary time allows. Pensions dashboards can help make accessing
pensions information easier by empowering people to see what they have in their various
pensions, including their State Pension, at the touch of a button on their smartphone,
laptop or computer at home. This will put the saver in control and help reconnect
people with their lost pension pots, transforming how people think and plan for their
retirement.</p><p />
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