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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

3 items
2 Recommendation Fifth report - Protecting pension saver… Rejected

Making pensions decisions is complicated.

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. The Government and regulators have a role to play in … Read more

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

The Royal Mail CDC scheme is likely to be the first of its kind under...

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 framework for assessing the success of this and other early … Read more

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

We recommend that the Pensions Regulator works with the Royal Mail to develop a toolkit...

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 AI 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.
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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…