UK Pension Wake-Up Pack – Do I Need to Do Anything?
04 January, 2023
If you are over 50 years old, you may feel like you receive a lot of paperwork from your UK pension provider. This includes what is referred to as a “wake-up pack”.
Since November 2019, UK pension providers have been required by UK regulation to issue wake-up packs at certain points in clients’ lives to encourage them to think about when and how they will take pension benefits in the future.
Wake-up packs are issued after your 50th birthday, just before your 55th birthday and thereafter every five years until your pension is fully “crystallised”.
Wake-up packs are predominately aimed at non-advised clients to help increase their engagement in planning for their retirement. However, advised clients are also required to receive these packs. Each pack includes a one-page summary of the client’s UK pension and then risk warnings flagging key issues that should be considered before taking pension benefits like tax issues, pension scams and investment risks.
For those over age 55, the pack also includes information on how to access the UK government’s Money Helper service for additional guidance.
However, it is important to understand that receipt of a wake-up pack does not require a you to take any action in terms of accessing retirement benefits, if not desired. It is sent by UK pension providers purely to act as a prompt for review of your UK pension. It serves as a useful reminder to keep your UK pension and retirement plans under review.
If you have any questions regarding a wake-up pack or want to schedule a review of your UK pension, contact a Florin Pensions advisor for an initial consultation.