Fifth report - Protecting pension savers—five years on from the Pension Freedoms: Accessing pension savings
Select Committee
Work and Pensions Committee
HC 237
18 January 2022
Government Response (AI assessment · 33 of 33 classified)
Accepted
6
Acknowledged
13
Deferred
7
Rejected
3
Government response
Eighth Special Report - Protecting pension savers–five years on from the pension freedoms: Accessing pension savings: Government and the Financial Conduct Authority Responses to the Committee’s Fifth Report · published 27 Apr 2022
Recommendations & Conclusions
6 results
13
Recommendation
Accepted
Para 61
Measures are in place for contract-based schemes to offer investment pathways, but equivalent measures are...
Recommendation
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 …
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Government Response Summary
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
Para 110
When pension dashboards launch it will not be possible to undertake any transactions through them.
Recommendation
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 …
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Government Response Summary
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
Pensions dashboards will change how people engage with their pension savings.
Recommendation
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 …
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Government Response Summary
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
Para 115
The simpler annual pension statement will require schemes to show information to members in a...
Conclusion
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.
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Government Response Summary
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
The midlife MOT is free support for people in their 40s, 50s and 60s to...
Recommendation
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 …
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Government Response Summary
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
The Government, regulators and the Money and Pensions Service are introducing multiple policy interventions to...
Recommendation
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 …
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Government Response Summary
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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