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 |
|---|---|---|---|
| 19.4.5AR | Open market option statement | A statement satisfying the requirements of | Trigger events specified at COBS 19.4.5AR |
| 19.4.9R | Reminder | A statement satisfying the requirements of | 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) and in some circumstances provide an open market options statement (COBS 19.4.5AR(2)(d)). | 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). If the client asks to access their pension savings for the first time the firm must provide an open market options statement (COBS 19.4.5AR(2)(d)). | Firm receives an application from a client to access pension savings |