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Protecting pension savers – five years on from the Pension Freedoms: Accessing pension savings

Status: Closed Opened: 23 Feb 2021 Closed: 21 Oct 2022 24 recommendations 9 conclusions 1 report

This inquiry is looking at how savers are prepared and protected to move from saving for retirement to using their pension savings. This is the second of our three-part inquiry, looking at decisions make about accessing their pensions. We concluded taking evidence on our first part, pension scams, in January 2021. We are interested in: … Show more

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Reports

1 report
Title HC No. Published Items Response
Fifth report - Protecting pension savers—five years on from… HC 237 18 Jan 2022 33 Responded

Recommendations & Conclusions

6 items
13 Recommendation Fifth report - Protecting pension saver… Accepted

Measures are in place for contract-based schemes to offer investment pathways, but equivalent measures are...

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 contract-based and trust-based schemes without a clear rationale. We are … Read more

Government response AI 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.
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Department for Work and Pensions
26 Recommendation Fifth report - Protecting pension saver… Accepted

When pension dashboards launch it will not be possible to undertake any transactions through them.

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 need to build trust in the system, we recommend that … Read more

Government response AI 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.
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Department for Work and Pensions
28 Recommendation Fifth report - Protecting pension saver… Accepted

Pensions dashboards will change how people engage with their pension savings.

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 develop a guidance service—possibly a future iteration of Pension Wise … Read more

Government response AI 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.
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Department for Work and Pensions
29 Conclusion Fifth report - Protecting pension saver… Accepted

The simpler annual pension statement will require schemes to show information to members in a...

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. Read more

Government response AI summary
The government has recently introduced Regulations to make Annual Benefit Statements for defined contribution schemes simpler and easier to understand.
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Department for Work and Pensions
31 Recommendation Fifth report - Protecting pension saver… Accepted

The midlife MOT is free support for people in their 40s, 50s and 60s to...

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 support envisaged for most savers. For the “my money” part … Read more

Government response AI 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 …
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Department for Work and Pensions
33 Recommendation Fifth report - Protecting pension saver… Accepted

The Government, regulators and the Money and Pensions Service are introducing multiple policy interventions to...

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 need for—or effectiveness of—support interventions. Our predecessor Committees have asked … Read more

Government response AI 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 …
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Department for Work and Pensions

Oral evidence sessions

5 sessions
Date Witnesses
8 Nov 2021 Anna Harvey · HM Treasury, Guy Opperman · Department for Work and Pensions, John Glen · HM Treasury, Pete Searle · Department for Work and Pensions View ↗
25 Oct 2021 Angela Gough · Royal Mail, David Pitt-Watson · Cambridge University, Simon Eagle · Institute and Faculty of Actuaries, The Baroness Altmann CBE View ↗
22 Sep 2021 Alex Connolly · Money and Pensions Service, Carolyn Jones · Money and Pensions Service, Chris Curry · Money and Pensions Service, David Fairs · The Pensions Regulator, Sarah Pritchard · The Financial Conduct Authority View ↗
21 Jul 2021 Colin Clarke · Legal and General, Laura Myers · Lane, Clark & Peacock, Matthew Arends · Aon, Peter Glancy · Scottish Widows, Philip Brown · B&CE, the People’s Pension, Rachel Vahey · AJ Bell, Stephen Lowe · Just Group View ↗
16 Jun 2021 Chris Brooks · Age UK, Dr Julia Mundy · Financial Services Consumer Panel, Joe Dabrowski · Pension and Lifetime Savings Association, Laurie Edmans · Financial Inclusion Commission, Paul McBride · The Society of Pension Professionals, Renny Biggins · The Investing and Saving Alliance, Tess Page · Association of Consulting Actuaries, Yvonne Braun · ABI View ↗

Who gave evidence

28 witnesses
WitnessOrganisationSessions
Alex Connolly · Chief Operating Officer Money and Pensions Service 1
Angela Gough · Head of Corporate Pensions Royal Mail 1
Anna Harvey · Deputy Director (Payments and Fintech) HM Treasury 1
Carolyn Jones · Head of Money and Pensions Guidance Policy and St… Money and Pensions Service 1
Chris Brooks · Head of Policy Age UK 1
Chris Curry · Pension Dashboard Programme Team Money and Pensions Service 1
Colin Clarke · Head of Regulatory Change (Product Development), … Legal and General 1
David Fairs · Executive Director of Regulatory Policy, Analysis… The Pensions Regulator 1
David Pitt-Watson · Leader Tomorrow’s Investor Programme, Royal Socie… Cambridge University 1
Dr Julia Mundy · Member Financial Services Consumer Panel 1
Guy Opperman · Minister for Pensions and Financial Inclusion Department for Work and Pensions 1
Joe Dabrowski · Deputy Director Pension and Lifetime Savings Association 1
John Glen · Minister of State (Economic Secretary) HM Treasury 1
Laura Myers · Partner and Head of DC Lane, Clark & Peacock 1
Laurie Edmans · Commissioner Financial Inclusion Commission 1
Matthew Arends · Head of UK Retirement Policy Aon 1
Paul McBride · COO of HSBC Retirement Services Limited (HRSL) The Society of Pension Professionals 1
Pete Searle · Director, Private Pensions and Arm’s-Length Bodies Department for Work and Pensions 1
Peter Glancy · Head of Pensions Policy Scottish Widows 1
Philip Brown · Director of Policy B&CE, the People’s Pension 1
Rachel Vahey · Senior Technical Consultant AJ Bell 1
Renny Biggins · Head of Retirement The Investing and Saving Alliance 1
Sarah Pritchard · Executive Director – Markets The Financial Conduct Authority 1
Simon Eagle · Senior Director, pensions actuary and GB Head of … Institute and Faculty of Actuaries 1
Stephen Lowe · Group Communications Director Just Group 1
Tess Page · Chair of DC Committee Association of Consulting Actuaries 1
The Baroness Altmann CBE — 1
Yvonne Braun · Director of Policy, Long-Term Savings, Health and… ABI 1

Correspondence

3 letters
DateDirectionTitle
6 Jul 2022 — Correspondence from Money and Pension Service about the Committee’s Report on a…
2 Dec 2021 To cttee Letter from the Chair to the Minister for Pensions and the Economic Secretary t…
24 Nov 2021 — Correspondence with FCA and TPR following up on the 22 September evidence sessi…