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COBS 19 Annex 2 1Communications about options to access pension savings

G

This annex belongs to COBS 19.4

The definitions in COBS 19.4.1R are applied to these tables.

Table 1: Communications required to be made by the firm at specified times

Handbook reference

Matters to be communicated

Contents of communication

When

19.4.5R

Open market option statement

A statement satisfying the requirements of

1COBS 19.4.6R, COBS 19.4.8R and COBS 19.4.10R

Trigger events specified at COBS 19.4.5R

19.4.9R

Reminder

A statement satisfying the requirements of

COBS 19.4.6R, COBS 19.4.8R and COBS 19.4.10R

At least six weeks before the client’s intended retirement date

Table 2: Requirements for other communications

Handbook reference

Subject of communication

Contents of communication

Trigger

19.4.12R

Pension annuity options

Information about how the client’s circumstances can affect pension annuity retirement income calculations and payments.

Firms may also be required to provide a key features illustration (COBS 14.2.1R) or signpost pensions guidance (COBS 19.4.16R).

Any communication with a client about their pension annuity options

19.4.14R

Drawdown pension

Relevant information about drawdown pension option.

A firm may also be required to provide a key features illustration (COBS 14.2.1R) or signpost pensions guidance (COBS 19.4.16R).

Any communication with a client about their drawdown pension options

19.4.14R

Uncrystallised funds pension lump sum

Relevant information about uncrystallised funds pension lump sum option.

Firms may also be required to provide a key features illustration (COBS 14.2.1R) or signpost pensions guidance (COBS 19.4.16R).

Any communication with a client about their uncrystallised funds pension lump sum options

19.4.15G

Communications about options to access pension savings

A firm should refer to the guidance in COBS 19.4.15G when communicating with a client about their options to access pension savings.

Firms may also be required to signpost pensions guidance (COBS 19.4.16R).

Any communication with a client about their options to access their pension savings

19.4.18R

Client applies to access pension savings

A firm must provide a description of the tax implications unless it is provided in accordance with COBS 14.2.1R.

Firms may be required to provide retirement risk warnings (COBS 19.7.7R).

Firms may also be required to signpost pensions guidance (COBS 19.4.16R).

Firm receives an application from a client to access pension savings