Recommendations & Conclusions
5 items
4
Recommendation
Third Report - Protecting pension saver…
Deferred
We support the former Pensions Minister’s continued commitment to introducing the recommendations of the 2017 auto-enrolment review by the mid-2020s. It is Protecting pension savers – five years on from the pension freedomss Saving for later life 55 disappointing that five years on, we have seen no implementation plan or …
Government response. The government remains committed to implementing the 2017 Review ambitions in the mid-2020s and aims to bring forward legislation at a suitable opportunity, with a consultation to ensure effective implementation.
Department for Work and Pensions
6
Recommendation
Third Report - Protecting pension saver…
Deferred
The middle of a cost of living crisis is not the time to ask people to pay more into their pension. However, if they are to do so in future, work to prepare the ground needs to start now to build consensus on the need for change among employers and …
Government response. The government is focused on economic stability and growth, and the next step for Automatic Enrolment is the implementation of the 2017 Review measures in the mid-2020s before looking at further changes. They are continuing to explore how to prompt …
Department for Work and Pensions
7
Recommendation
Third Report - Protecting pension saver…
Deferred
In addition to any increase in the statutory minimum, we have been persuaded that there is scope to expand the use of targeted ways to improve outcomes or increase contributions. We recommend the Government commit to a trial of auto-escalation schemes, such as Save More Tomorrow (where people commit in …
Government response. The government is focused on economic stability and growth, and will implement the 2017 Review measures in the mid-2020s as the next step for Automatic Enrolment before looking at further changes like auto-escalation schemes.
Department for Work and Pensions
14
Recommendation
Third Report - Protecting pension saver…
Deferred
We heard that the level at which the auto-enrolment earnings trigger is set (£10,000) currently excludes too many people, with the result that they miss out on employer contributions and tax relief. We heard calls for it to be reduced or removed. We also heard that any such decision needed …
Government response. The government remains committed to the implementation of the 2017 Review ambitions in the mid-2020s, aiming to bring forward legislation at a suitable opportunity and when parliamentary time allows, and will consult on the implementation of the review.
Department for Work and Pensions
19
Recommendation
Third Report - Protecting pension saver…
Deferred
We heard that concerns about stepping over the boundary from guidance into advice continue to constrain the support that pension schemes and employers can provide to savers. The regulators are working with pension schemes and providers to better understand these concerns and to gather practical examples of where this is …
Government response. The government redirects the recommendation to the FCA, stating they lead on the provision of financial advice and have provided a separate response.
Department for Work and Pensions