Late last week the FCA issued PS15/4 Policy Statement titled ‘Retirement reforms and the guidance guarantee: retirement risk warnings’. This was followed by the DWP issuing a Statutory Instrument draft document.
The new Retirement Risk Warning rules will require firms (including operators of SIPPs and SSASs) to give appropriate risk warnings to consumers who are accessing their pension savings. Firms must ask the consumer relevant questions to determine how they want to access their pension savings, whether risk factors are present and, where they are, risk warnings must be given.
With these rules being introduced from 6 April 2015, we are introducing enhancements in both SIPP~Pro and SSAS~Pro which will allow you to record these interactions with clients including whether the member has received advice and whether risk warnings have been issued.
A full release note will be available to confirm the functionality created. These changes will mean that the latest release versions for version 18.0v001 of SIPP~Pro and SSAS~Pro is being updated and we are working on this as a priority. We are aiming to have these completed and available towards the end of next week.
If you have any questions on your upgrade or the changes relating to the retirement risk warnings, please contact the support team at firstname.lastname@example.org.