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Protecting pension savers – five years on from the pension freedoms: Saving for later life

Status: Closed Opened: 15 Dec 2021 Closed: 15 Feb 2023 20 recommendations 2 conclusions 1 report

This inquiry is looking at saving for later life and what more needs to be done to help people plan and save for retirement. We are interested in: Whether households in the UK have enough pension savings for retirement What advice and guidance people need when saving for retirement What the Government should be doing … Show more

Clear

Reports

1 report
Title HC No. Published Items Response
Third Report - Protecting pension savers – five years on fr… HC 126 30 Sep 2022 22 Responded

Recommendations & Conclusions

3 items
8 Recommendation Third Report - Protecting pension saver… Accepted

People in generation X and older without access Defined Benefit pension saving will have had...

People in generation X and older without access Defined Benefit pension saving will have had limited time to build up pension savings through auto-enrolment and are therefore at risk of not hitting their retirement adequacy targets. We recommend the Government should consult on a plan to address this challenge and … Read more

Government response AI summary
The government does not believe now is the right time to consult and has taken steps to address this challenge, including introducing the new state pension, providing further information and guidance to savers, and considering how to consolidate small pots.
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Department for Work and Pensions
11 Recommendation Third Report - Protecting pension saver… Accepted

We support TPR’s efforts to encourage gig economy employers to offer pensions to those workers...

We support TPR’s efforts to encourage gig economy employers to offer pensions to those workers who do not come under the definition in the Pensions Act 2008. We recommend that DWP explore what steps could be taken to support this, including through the development of sectoral pension schemes, available to … Read more

Government response AI summary
The government believes the definition of jobholder in the AE legislation is clear and does not need to be altered, with gig economy workers who meet the definition already being brought within the scope of AE through the Pensions Regulator's compliance work and clarified guidance …
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Department for Work and Pensions
20 Recommendation Third Report - Protecting pension saver… Accepted

It is clearly important that pension schemes can provide pension scheme members who have been...

It is clearly important that pension schemes can provide pension scheme members who have been auto-enrolled with information and tools to help them engage with their pensions. We recommend that TPR report back to us by March 2023 on the progress that has been made in resolving concerns that the … Read more

Government response AI summary
The government will report back to the Committee by March 2023 on the progress made in resolving concerns about Privacy and Electronic Communications Regulations preventing pension schemes from communicating with members, including engagement with the ICO and DCMS.
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Department for Work and Pensions

Oral evidence sessions

6 sessions
Date Witnesses
6 Jul 2022 Guy Opperman MP · Department for Work and Pensions, Joanne Gibson · Department for Work and Pensions View ↗
15 Jun 2022 Anna Mowbray · Community, Carol Young · NatWest Group, Gary Dewin · The Co-op Group, Jack Jones · TUC, Jamie Heywood · Uber, Terry Pullinger · Communication Workers Union, Tim Jones · Tata Limited, Tom Blenkinsop · Federation of Small Businesses (FSB) View ↗
8 Jun 2022 Caroline Siarkiewicz · Money and Pensions Service, Charles Counsell · The Pensions Regulator, Sarah Pritchard · The Financial Conduct Authority, Sarah Pritchard · Financial Conduct Authority, Sir Steve Webb · Lane, Clark & Peacock, The Baroness Altmann CBE, The Baroness Drake CBE View ↗
27 Apr 2022 Chris Noon · Hymans Robertson, Colin Clarke · Legal and General, Darren Philp · Smart Pension, Jamie Jenkins · Royal London, Joanne Segars · NOW:Pensions, Peter Glancy · Scottish Widows, Philip Brown · B&CE, the People’s Pension, Will Sandbrook · NEST View ↗
23 Mar 2022 Christopher Brooks · Age UK, Laurie Edmans · Financial Inclusion Commission, Leah Evans · Institute and Faculty of Actuaries, Martin Willis, Nigel Stanley · NEST Members’ Panel, Sophia Dimitriadis · International Longevity Centre, Steven Taylor · Association of Consulting Actuaries, Sue Ferns · Prospect Trade Union View ↗
23 Feb 2022 Carl Emmerson · Institute of Fiscal Studies, Chris Curry · Institute for Fiscal Studies, Nigel Peaple · Pension and Lifetime Savings Association, Rob Yuille · Association of British Insurers View ↗

Who gave evidence

37 witnesses
WitnessOrganisationSessions
Anna Mowbray · Research and Policy Officer Community 1
Carl Emmerson · Member, and Deputy Director Institute of Fiscal Studies 1
Carol Young · Director, Reward & Employment NatWest Group 1
Caroline Siarkiewicz · CEO Money and Pensions Service 1
Charles Counsell · Chief Executive The Pensions Regulator 1
Chris Curry · Director, Pensions Policy Institute Institute for Fiscal Studies 1
Chris Noon · Equity Partner Hymans Robertson 1
Christopher Brooks · Head of Policy Age UK 1
Colin Clarke · Head of Regulatory Change (Product Development), … Legal and General 1
Darren Philp · Director of Policy and Market Engagement Smart Pension 1
Gary Dewin · People Director – Pensions, Reward, Wellbeing and… The Co-op Group 1
Guy Opperman MP · Minister for Employment Department for Work and Pensions 1
Jack Jones · Pensions Officer TUC 1
Jamie Heywood · Regional General Manager for Northern Europe Uber 1
Jamie Jenkins · Director of Policy & External Affairs Royal London 1
Joanne Gibson · Acting Director of Private Pensions and ALBs Department for Work and Pensions 1
Joanne Segars · Chair of the Board of Trustees NOW:Pensions 1
Laurie Edmans · Commissioner Financial Inclusion Commission 1
Leah Evans · Chair of Pensions Board Institute and Faculty of Actuaries 1
Martin Willis — 1
Nigel Peaple · Director of Policy and Advocacy Pension and Lifetime Savings Association 1
Nigel Stanley · Chair NEST Members’ Panel 1
Peter Glancy · Head of Pensions Policy Scottish Widows 1
Philip Brown · Director of Policy B&CE, the People’s Pension 1
Rob Yuille · Head of long-term savings policy Association of British Insurers 1
Sarah Pritchard · Executive Director – Markets The Financial Conduct Authority 1
Sarah Pritchard · ED Consumers, Competition and International and D… Financial Conduct Authority 1
Sir Steve Webb · Partner Lane, Clark & Peacock 1
Sophia Dimitriadis · Senior Economist International Longevity Centre 1
Steven Taylor · Honorary Secretary Association of Consulting Actuaries 1
Sue Ferns · Senior Deputy General Secretary Prospect Trade Union 1
Terry Pullinger · Deputy General Secretary Communication Workers Union 1
The Baroness Altmann CBE — 1
The Baroness Drake CBE — 1
Tim Jones · Executive Director Tata Limited 1
Tom Blenkinsop · Senior Public Affairs Advisor Federation of Small Businesses (FSB) 1
Will Sandbrook · Managing Director for Strategy, Analytics and Nes… NEST 1

Correspondence

9 letters
DateDirectionTitle
19 Oct 2022 — Correspondence from Financial Conduct Authority on the Saving for later life in…
7 Sep 2022 — Correspondence from the Minister for Pensions following up on oral evidence as …
7 Sep 2022 — Correspondence with the Economic Secretary to the Treasury in connection with t…
20 Jul 2022 — Correspondence to Minister for Pensions about the saving for later life inquiry…
6 Jul 2022 — Correspondence with the Economic Secretary to the Treasury about the Saving for…
6 Jul 2022 — Correspondence with the Money and Pension Service about the saving for later li…
6 Jul 2022 — Correspondence with The Pensions Regulator about the saving for later life inqu…
22 Jun 2022 — Correspondence with the Economic Secretary to the Treasury relating to the savi…
8 Jun 2022 — Correspondence with the Minister of State for Media, Data and Digital Infrastru…