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FSA announce changes to phase 2 of pensions review

The Financial Services Authority and the Personal Investment Authority are announcing further key policy decisions for phase 2 of the pensions transfers and opt-outs review regarding the treatment for rebate-only cases.



The Policy decisions are:



Investors with rebate-only policies who fall within the phase 2 rebate-only population and were aged 30 or more at the time of sale will receive a”direct invitation” to request a review. This will incorporate material enabling them to make an informed decision, in the same way as other investors within phase 2.


Investors with rebate-only policies aged under 30 at the time of sale will receive an FSA factsheet. This will alert them to the desirability (for most people) of membership of an occupational scheme if they have access to one now and/or of themselves contributing to their pension, and remind them of their continuing right to request a review of advice given in the past.


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