21
Not Addressed
When someone is looking for support to help them make a decision about their pension...
Conclusion
When someone is looking for support to help them make a decision about their pension they can seek either advice or guidance. These are both important tools to prevent scams, with earlier intervention likely to lead to better outcomes. Advice is a personalised recommendation which can only be provided by regulated individuals and firms. Guidance is a broader term which includes general information and signposting about pensions. This difference is not always understood by consumers and can be exploited by scammers.
Government Response Summary
The government agrees a public description of Project Bloom members and roles is a beneficial next step and will be taken forward, and a public report on scams measures will be considered alongside wider industry reporting. This does not address the committee's conclusion about consumer understanding of pension advice vs guidance.
Paragraph Reference
90
Government Response
Not Addressed
Government Response
Not Addressed
HM Government
Not Addressed
The Government and Project Bloom members agree that a publicly available description of its members and their respective roles and responsibilities would be a beneficial next step, and this is an action from its recently completed review – this will be taken forward by the Project Bloom strategy group. A public report on scams measures needs to be considered alongside wider developments on increased industry reporting, as set out in the response to recommendation 2.
Source
Committee
Work and Pensions Committee
Report
Fifth report: Protecting pension savers—five years on from the pension freedoms: Pension scams
28 Mar 2021
HC 648
Addressee Bodies
Department for Work and Pensions
Timeline
Recommendation age
5.3 yrs
Report published
28 Mar 2021