Related provisions for COBS 19.4.4

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COBS 19.7.4GRP
(1) The purpose of this section is to ensure that a firm, which is communicating with a retail client about a pension decumulation product, gives appropriate retirement risk warnings at the point when the retail client has decided how to access their pension savings. (2) If the retail client has not yet decided what to do,2 the firm should consider whether it is required to signpost the pensions guidance under COBS 19.4.16R2 (signposting pensions guidance) and whether it may be
COBS 19.7.8RRP
(1) The first step is to ask the retail client whether they have received pensions guidance or regulated advice:(a) if the client says that they have, the firm must proceed to step 2; or(b) if the client says that they have not or is unsure, the firm must explain that the decision to access pension savings is an important one and encourage the retail client to use pensions guidance or to take regulated advice to understand their options at retirement.(2) If, after giving the explanation
2If the value of the retail client’s pension savings is £10,000 or less and there are no safeguarded benefits, the firm:(1) is not required to ask questions to identify whether any risk factors are present; and(2) must prepare appropriate retirement risk warnings based on the risk factors relevant to each pension decumulation product it offers to enable retail clients to access their pension savings.
COBS 19.4.9RRP
4At least six weeks before the retail client’s intended retirement date the firm must:(1) remind the client about the open market options statement;(2) tell the client what sum of money will be available to exercise open market options;(3) remind the client about the availability of the pensions guidance; and(4) recommend that the client seeks appropriate guidance or advice to understand their options at retirement.