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
3 results
Clear
2 Recommendation Rejected
Fifth report - Protecting pension …
Making pensions decisions is complicated.
Making pensions decisions is complicated. The continued movement from DB to DC, together with auto-enrolment and the increased number of jobs that one person will have over a working lifetime, mean that without intervention decision-making will become more complicated still. … Read more
Government Response
The government does not believe it is appropriate to make changes to tax policy related to the Pension Commencement Lump Sum (PCLS) due to concerns about members accessing their lump sum earlier without advice and potential negative impacts on retirement outcomes, but will issue a call for evidence in May 2022.
Department for Work and Pensions
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10 Recommendation Rejected
Fifth report - Protecting pension …
The Royal Mail CDC scheme is likely to be the first of its kind under...
The Royal Mail CDC scheme is likely to be the first of its kind under the Pension Schemes Act 2021. We anticipate other employers and organisations will want to learn from this scheme. We recommend that the Government publishes a … Read more
Government Response
The government does not support setting a goal for the combined use of Pension Wise and paid-for advice when accessing pots for the first time. It encourages MaPS to evolve the Pension Wise service.
Department for Work and Pensions
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11 Recommendation Rejected
Fifth report - Protecting pension …
We recommend that the Pensions Regulator works with the Royal Mail to develop a toolkit...
We recommend that the Pensions Regulator works with the Royal Mail to develop a toolkit for other employers looking to set up similar schemes.
Government Response
The government disagrees with the proposal to automatically book Pension Wise appointments, citing issues with the approach, and says it is considering further encouraging early engagement with pensions guidance.
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