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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

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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

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...

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 … Read more

Government response AI summary
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.
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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...

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 … Read more

Government response AI summary
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 savers to engage with their …
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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...

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 … Read more

Government response AI summary
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.
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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...

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 … Read more

Government response AI summary
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.
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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...

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 … Read more

Government response AI summary
The government redirects the recommendation to the FCA, stating they lead on the provision of financial advice and have provided a separate response.
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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…