Pension Wise standards: changes for secondary annuity market guidance: CP16/22

We are consulting on proposed changes to the standards applied to Pension Wise designated guidance providers.

Show CP16/22 (PDF)[2]

These changes are required as a result of the Government’s decision to extend access to Pension Wise (now MoneyHelper's Pension Wise) to individuals considering selling their annuity income and to contingent beneficiaries with an interest in these annuities.

Who this applies to

Our proposals will be most relevant to:

• providers of retirement income products and other financial services products that play a role in consumers’ retirement planning
• sponsors of occupational Defined Benefit and Defined Contribution schemes, both trust and contract-based individuals, and firms providing advice and information in this area
• distributors of financial products, in particular retirement income products
• asset management firms
• trade bodies representing financial services firms
• consumer bodies
• charities and other organisations with a particular interest in the ageing population and/or
  financial services more generally, and
• individual consumers including contingent beneficiaries with an interest in an annuity

Next steps

This consultation has now closed. We will publish feedback on responses and issue a Policy Statement once we have reviewed your comments.