Scottish Widows welcomes retirement calculator regulations review

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Scottish Widows welcomes retirement calculator regulations review

The consultation on the government's Conduct of Business Sourcebook is a positive step, according to a representative from Scottish Widows.

Ian Naismith, head of pensions market development at the company, made his comments after the Financial Services Authority (FSA) revealed the changes it intends to make to the guide.

He noted that cancellation rules will be aligned with opt-out legislation, which he welcomed.

Mr Naismith also applauded the clarification of automatic enrolment when related to distance contracts and said the amendments will offer greater reassurance to the public with regards to long-term savings strategies.

"Scottish Widows has consistently said that it is essential that rules for group personal pensions and occupational money purchase schemes are consistent," he added.

Commenting on the publication of the document, director of conduct policy at the FSA Sheila Nichol described how the changes will affect anyone who has a pension or is eligible to be automatically enrolled in 2012.

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