Protecting pension savers – five years on from the Pension Freedoms: Accessing pension savings

Work and Pensions Committee Closed Inquiry
Opened: 23 Feb 2021 Closed: 21 Oct 2022 Parliament page
This inquiry is looking at how savers are prepared and protected to move from saving for retirement to using their pension savings. This is the second of our three-part inquiry, looking at decisions make about accessing their pensions. We concluded taking evidence on our first part, pension scams, in January … Read more
24 Recommendations
9 Conclusions
1 Report
5 Oral sessions
3 Letters
5 Events
Activity timeline 10 events
6 Jul
2022
Correspondence
27 Apr
2022
Report published
18 Jan
2022
Report published
2 Dec
2021
Correspondence
24 Nov
2021
Correspondence
8 Nov
2021
Oral evidence
25 Oct
2021
Oral evidence
22 Sep
2021
Oral evidence
21 Jul
2021
Oral evidence
16 Jun
2021
Oral evidence
Oral evidence sessions 5 sessions
8 Nov 2021
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Work and Pensions Committee
Anna Harvey · HM Treasury Guy Opperman · Department for Work and Pensions John Glen · HM Treasury Pete Searle · Department for Work and Pensions
25 Oct 2021
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Work and Pensions Committee
Angela Gough · Royal Mail David Pitt-Watson · Cambridge University Simon Eagle · Institute and Faculty of Actuaries The Baroness Altmann CBE
22 Sep 2021
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Work and Pensions Committee
Alex Connolly · Money and Pensions Service Carolyn Jones · Money and Pensions Service Chris Curry · Money and Pensions Service David Fairs · The Pensions Regulator Sarah Pritchard · The Financial Conduct Authority
21 Jul 2021
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Protecting pension savers –five years on from the Pension Freedoms: Accessing pension savings
Colin Clarke · Legal and General Laura Myers · Lane, Clark & Peacock Matthew Arends · Aon Peter Glancy · Scottish Widows Philip Brown · B&CE, the People’s Pension Rachel Vahey · AJ Bell Stephen Lowe · Just Group
16 Jun 2021
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Work and Pensions Committee
Chris Brooks · Age UK Dr Julia Mundy · Financial Services Consumer Panel Joe Dabrowski · Pension and Lifetime Savings Association Laurie Edmans · Financial Inclusion Commission Paul McBride · The Society of Pension Professionals Renny Biggins · The Investing and Saving Alliance Tess Page · Association of Consulting Actuaries Yvonne Braun · ABI
Title HC No. Published Items Response
Fifth report - Protecting pension savers—five years on from the … HC 237 18 Jan 2022 33 Responded
Recommendations & Conclusions
6 results
Clear
13 Recommendation Accepted
Fifth report - Protecting pension …
Measures are in place for contract-based schemes to offer investment pathways, but equivalent measures are...
Measures are in place for contract-based schemes to offer investment pathways, but equivalent measures are some way off for trust-based schemes and their final form may differ. This is not an isolated case of different measures being in place for … Read more
Government Response
The government states that HM Treasury works closely with the FCA to ensure that the financial advice market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality, including for pensions advice.
Department for Work and Pensions
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26 Recommendation Accepted
Fifth report - Protecting pension …
When pension dashboards launch it will not be possible to undertake any transactions through them.
When pension dashboards launch it will not be possible to undertake any transactions through them. We understand why some people are calling for transactions to be facilitated through pension dashboards. However, with dashboards a long way from reality and a … Read more
Government Response
The government states that individuals using dashboards can delegate access to MaPS guiders or authorised financial advisers, and the MaPS dashboard will be integrated into the MaPS retirement planning hub.
Department for Work and Pensions
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28 Recommendation Accepted
Fifth report - Protecting pension …
Pensions dashboards will change how people engage with their pension savings.
Pensions dashboards will change how people engage with their pension savings. Dashboards will also provide an important additional tool which can be used by those providing guidance or advice to savers. We recommend that the Money and Pensions Service should … Read more
Government Response
The Money and Pensions Service (MaPS) dashboard will be integrated into the MaPS retirement planning hub to tailor guidance interventions according to individual needs and will help savers to see in one place what they have and help facilitate a Pension Wise appointment.
Department for Work and Pensions
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29 Conclusion Accepted
Fifth report - Protecting pension …
The simpler annual pension statement will require schemes to show information to members in a...
The simpler annual pension statement will require schemes to show information to members in a consistent way across the industry. We welcome the simpler annual pension statement and believe it will be particularly beneficial to people with many pension pots. Read more
Government Response
The government has recently introduced Regulations to make Annual Benefit Statements for defined contribution schemes simpler and easier to understand.
Department for Work and Pensions
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31 Recommendation Accepted
Fifth report - Protecting pension …
The midlife MOT is free support for people in their 40s, 50s and 60s to...
The midlife MOT is free support for people in their 40s, 50s and 60s to make plans about work, wellbeing and money. We welcome the principle of a midlife MOT, but believe that the policy is not yet providing the … Read more
Government Response
The department claims to be already working closely with the Money and Pensions Service, supported by the wider Mid-life MOT Board, to test both the most effective format(s) for Mid-life MOTs and the most efficient delivery route for Mid-life MOTs, building on the findings of the 2021 Local Enterprise Partnership Digital Delivery tests.
Department for Work and Pensions
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33 Recommendation Accepted
Fifth report - Protecting pension …
The Government, regulators and the Money and Pensions Service are introducing multiple policy interventions to...
The Government, regulators and the Money and Pensions Service are introducing multiple policy interventions to support the pension freedoms. Six years on there remains no framework against which to evaluate the success of the freedoms or make judgements about the … Read more
Government Response
The government asserts they are already committed to providing savers with information and support. They cite the call for evidence, Pension Wise, pensions dashboards, Simpler Annual Benefit Statement, Mid-life MOT initiative and Stronger Nudge policy as existing measures and will continue to review ways to improve support offered to individuals.
Department for Work and Pensions
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Government Response AI assessment · 33 of 24 classified
Accepted 6
Accepted in Part 1
Acknowledged 13
Deferred 7
Not Addressed 3
Rejected 3
Total 24 recs + 9 conclusions
Correspondence 3 letters
6 Jul 2022 Correspondence from Money and Pension Service about the Committee’s Report on accessing pension savings
Parliament page
2 Dec 2021 To committee Letter from the Chair to the Minister for Pensions and the Economic Secretary to the Treasury, following the evidence session on 8 November
Parliament page
24 Nov 2021 Correspondence with FCA and TPR following up on the 22 September evidence session – Accessing pension savings
Parliament page