Protecting pension savers – five years on from the pension freedoms: Saving for later life

Work and Pensions Committee Closed Inquiry
Opened: 15 Dec 2021 Closed: 15 Feb 2023 Parliament page
This inquiry is looking at saving for later life and what more needs to be done to help people plan and save for retirement. We are interested in: Whether households in the UK have enough pension savings for retirement What advice and guidance people need when saving for retirement What … Read more
20 Recommendations
2 Conclusions
1 Report
6 Oral sessions
9 Letters
6 Events
Activity timeline 23 events
23 Jan
2023
Report published
19 Oct
2022
Correspondence
30 Sep
2022
Report published
7 Sep
2022
Correspondence
7 Sep
2022
Correspondence
20 Jul
2022
Correspondence
6 Jul
2022
Oral evidence
6 Jul
2022
Correspondence
6 Jul
2022
Correspondence
6 Jul
2022
Correspondence
6 Jul
2022
Formal meeting (oral evidence session) · Room 6, Palace of Westminster
22 Jun
2022
Correspondence
Oral evidence sessions 6 sessions
6 Jul 2022
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Work and Pensions Committee
Guy Opperman MP · Department for Work and Pensions Joanne Gibson · Department for Work and Pensions
15 Jun 2022
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Work and Pensions Committee
Anna Mowbray · Community Carol Young · NatWest Group Gary Dewin · The Co-op Group Jack Jones · TUC Jamie Heywood · Uber Terry Pullinger · Communication Workers Union Tim Jones · Tata Limited Tom Blenkinsop · Federation of Small Businesses (FSB)
8 Jun 2022
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Work and Pensions Committee
Caroline Siarkiewicz · Money and Pensions Service Charles Counsell · The Pensions Regulator Sarah Pritchard · The Financial Conduct Authority Sarah Pritchard · Financial Conduct Authority Sir Steve Webb · Lane, Clark & Peacock The Baroness Altmann CBE The Baroness Drake CBE
27 Apr 2022
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Work and Pensions Committee
Chris Noon · Hymans Robertson Colin Clarke · Legal and General Darren Philp · Smart Pension Jamie Jenkins · Royal London Joanne Segars · NOW:Pensions Peter Glancy · Scottish Widows Philip Brown · B&CE, the People’s Pension Will Sandbrook · NEST
23 Mar 2022
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Work and Pensions Committee
Christopher Brooks · Age UK Laurie Edmans · Financial Inclusion Commission Leah Evans · Institute and Faculty of Actuaries Martin Willis Nigel Stanley · NEST Members’ Panel Sophia Dimitriadis · International Longevity Centre Steven Taylor · Association of Consulting Actuaries Sue Ferns · Prospect Trade Union
23 Feb 2022
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Work and Pensions Committee
Carl Emmerson · Institute of Fiscal Studies Chris Curry · Institute for Fiscal Studies Nigel Peaple · Pension and Lifetime Savings Association Rob Yuille · Association of British Insurers
Title HC No. Published Items Response
Third Report - Protecting pension savers – five years on from th… HC 126 30 Sep 2022 22 Responded
Recommendations & Conclusions
3 results
Clear
8 Recommendation Accepted
Third Report - Protecting pension …
People in generation X and older without access Defined Benefit pension saving will have had...
People in generation X and older without access Defined Benefit pension saving will have had limited time to build up pension savings through auto-enrolment and are therefore at risk of not hitting their retirement adequacy targets. We recommend the Government … Read more
Government Response
The government does not believe now is the right time to consult and has taken steps to address this challenge, including introducing the new state pension, providing further information and guidance to savers, and considering how to consolidate small pots.
Department for Work and Pensions
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11 Recommendation Accepted
Third Report - Protecting pension …
We support TPR’s efforts to encourage gig economy employers to offer pensions to those workers...
We support TPR’s efforts to encourage gig economy employers to offer pensions to those workers who do not come under the definition in the Pensions Act 2008. We recommend that DWP explore what steps could be taken to support this, … Read more
Government Response
The government believes the definition of jobholder in the AE legislation is clear and does not need to be altered, with gig economy workers who meet the definition already being brought within the scope of AE through the Pensions Regulator's compliance work and clarified guidance on employment status.
Department for Work and Pensions
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20 Recommendation Accepted
Third Report - Protecting pension …
It is clearly important that pension schemes can provide pension scheme members who have been...
It is clearly important that pension schemes can provide pension scheme members who have been auto-enrolled with information and tools to help them engage with their pensions. We recommend that TPR report back to us by March 2023 on the … Read more
Government Response
The government will report back to the Committee by March 2023 on the progress made in resolving concerns about Privacy and Electronic Communications Regulations preventing pension schemes from communicating with members, including engagement with the ICO and DCMS.
Department for Work and Pensions
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Government Response AI assessment · 22 of 20 classified
Accepted 3
Acknowledged 12
Deferred 5
Not Addressed 1
Rejected 1
Total 20 recs + 2 conclusions
Correspondence 9 letters
19 Oct 2022 Correspondence from Financial Conduct Authority on the Saving for later life inquiry
Parliament page
7 Sep 2022 Correspondence with the Economic Secretary to the Treasury in connection with the Saving for later life inquiry
Parliament page
7 Sep 2022 Correspondence from the Minister for Pensions following up on oral evidence as part of the Saving for later life inquiry
Parliament page
20 Jul 2022 Correspondence to Minister for Pensions about the saving for later life inquiry 20.7.22
Parliament page
6 Jul 2022 Correspondence with the Money and Pension Service about the saving for later life inquiry
Parliament page
6 Jul 2022 Correspondence with the Economic Secretary to the Treasury about the Saving for later life inquiry
Parliament page
6 Jul 2022 Correspondence with The Pensions Regulator about the saving for later life inquiry
Parliament page
22 Jun 2022 Correspondence with the Economic Secretary to the Treasury relating to the saving for later life inquiry
Parliament page
8 Jun 2022 Correspondence with the Minister of State for Media, Data and Digital Infrastructure relating to data protection legislation
Parliament page