Source · Select Committees · Work and Pensions Committee
Recommendation 17
17
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The “stronger nudges” towards guidance being proposed by the Department for Work and Pensions and...
Recommendation
The “stronger nudges” towards guidance being proposed by the Department for Work and Pensions and the Financial Conduct Authority will not be enough to make receiving pensions guidance the norm. The Money and Pensions Service told us that it would support a trial of automatic Pension Wise appointments and we can see no clear barrier to doing this. The Minister for Pensions and Financial Inclusion has expressed reservations about introducing automatic appointments—but those could be tested by a trial. We recommend that automatic Pension Wise appointments are trialled. The Government should initiate two trials: one with an appointment when a person accesses their pension for the first time and another at the age of 50, before they can access their pension savings.
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Government Response
Acknowledged
HM Government
Acknowledged
TPR and the FCA promote the tools available from MoneyHelper in their employer and trustee guide on providing support to members on financial matters. They will continue to work with partners to explore ways to promote the tools and guidance services of MoneyHelper to savers. For example, their joint call for input on the consumer journey will also provide useful insights into how they can engage employers to support their employees in understanding and engaging with their pension as part of their financial wealth.