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
3 results
2
Recommendation
Rejected
Para 8
Making pensions decisions is complicated.
Recommendation
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. …
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Government Response Summary
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
Para 51
The Royal Mail CDC scheme is likely to be the first of its kind under...
Recommendation
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 …
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Government Response Summary
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
Para 52
We recommend that the Pensions Regulator works with the Royal Mail to develop a toolkit...
Recommendation
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 Summary
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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