Pension Wise may face capacity challenges to cope with a surge of new “stronger nudges”, Aegon has stated.
Aegon also suggested that scams referrals from pension schemes and providers may also prompt individuals to seek the government’s Pension Wise guidance.
As a result of new government regulations in the Pension Schemes Act 2021, both the FCA and DWP have been consulting on new requirements which will mean individuals can’t access their defined contribution pension flexibly or transfer to do so, unless they have first taken guidance from Pension Wise or formally opted out from doing so.
The DWP consultation closes today following the FCA’s consultation which closed in June.
Aegon pensions director, Steven Cameron, commented: “Some individuals will perceive having to seek Pension Wise guidance as delaying them being able to access their pension funds. This makes it imperative that Pension Wise can cope with demand for appointments, within one or at most two weeks.
“To avoid wasting member or Pension Wise time, it will be important not to nudge individuals to Pension Wise where there’s no benefit. Aegon sees no point in this nudge if the individual is already receiving advice, which will give far more comprehensive support.
“There’s a case for excluding micro pots of under say £100. Unnecessary appointments will not only increase the burden on Pension Wise but will also mean additional costs for the pensions industry which funds the service.
“We must also avoid those accessing multiple pension pots ending up with repeat nudges or multiple appointments.”
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
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