Guardian Assurance and Guardian Linked Life Assurance fined ?750,000 for mishandling mortgage endowment complaints
12th January 2006The UK's financial watchdog, the Financial Services Authority (FSA), is urging consumers to review their pensions arrangements and ensure they understand what the changes taking effect from April 6 2006 (A-day) could mean for them.
To help consumers understand the changes and take stock before A-day, the FSA is running a national campaign promoting its dedicated pensions website. The site provides impartial information on the changes and other issues to consider including, for example, decisions around the State Second Pension (S2P), and how to review your pension arrangements.
The website also contains a range of tools and resources including a jargon buster, comparative tables for pensions and annuities as well as a checklist to help those thinking of retiring soon. In addition, there is a range of consumer guides about pensions available to download.
Vernon Everitt, Director of Retail Themes, said:
"The A-day changes mean that people should take stock now to ensure they are on track to get the retirement income they want. A-day will bring more pensions choices and people need to understand the opportunities and risks before making their decisions. Our website and impartial consumer guides can help."
The pension changes give consumers more choice on many things including:
- how much can be paid into a pension fund each year;
- how much can be built up in a pension fund; and
- what can be done with a pension fund on retirement.
People should consider each choice carefully, taking into account their own personal circumstances.
