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
5 results
Clear
4 Recommendation Deferred
Third Report - Protecting pension …
We support the former Pensions Minister’s continued commitment to introducing the recommendations of the 2017...
We support the former Pensions Minister’s continued commitment to introducing the recommendations of the 2017 auto-enrolment review by the mid-2020s. It is Protecting pension savers – five years on from the pension freedomss Saving for later life 55 disappointing that … Read more
Government Response
The government remains committed to implementing the 2017 Review ambitions in the mid-2020s and aims to bring forward legislation at a suitable opportunity, with a consultation to ensure effective implementation.
Department for Work and Pensions
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6 Recommendation Deferred
Third Report - Protecting pension …
The middle of a cost of living crisis is not the time to ask people...
The middle of a cost of living crisis is not the time to ask people to pay more into their pension. However, if they are to do so in future, work to prepare the ground needs to start now to … Read more
Government Response
The government is focused on economic stability and growth, and the next step for Automatic Enrolment is the implementation of the 2017 Review measures in the mid-2020s before looking at further changes. They are continuing to explore how to prompt savers to engage with their pensions.
Department for Work and Pensions
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7 Recommendation Deferred
Third Report - Protecting pension …
In addition to any increase in the statutory minimum, we have been persuaded that there...
In addition to any increase in the statutory minimum, we have been persuaded that there is scope to expand the use of targeted ways to improve outcomes or increase contributions. We recommend the Government commit to a trial of auto-escalation … Read more
Government Response
The government is focused on economic stability and growth, and will implement the 2017 Review measures in the mid-2020s as the next step for Automatic Enrolment before looking at further changes like auto-escalation schemes.
Department for Work and Pensions
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14 Recommendation Deferred
Third Report - Protecting pension …
We heard that the level at which the auto-enrolment earnings trigger is set (£10,000) currently...
We heard that the level at which the auto-enrolment earnings trigger is set (£10,000) currently excludes too many people, with the result that they miss out on employer contributions and tax relief. We heard calls for it to be reduced … Read more
Government Response
The government remains committed to the implementation of the 2017 Review ambitions in the mid-2020s, aiming to bring forward legislation at a suitable opportunity and when parliamentary time allows, and will consult on the implementation of the review.
Department for Work and Pensions
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19 Recommendation Deferred
Third Report - Protecting pension …
We heard that concerns about stepping over the boundary from guidance into advice continue to...
We heard that concerns about stepping over the boundary from guidance into advice continue to constrain the support that pension schemes and employers can provide to savers. The regulators are working with pension schemes and providers to better understand these … Read more
Government Response
The government redirects the recommendation to the FCA, stating they lead on the provision of financial advice and have provided a separate response.
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