Source · Select Committees · Work and Pensions Committee
Recommendation 18
18
Many savers have multiple pension pots with different providers and schemes.
Recommendation
Many savers have multiple pension pots with different providers and schemes. At the moment, it is not possible for providers and regulators to aggregate data on individual savers, rather than individual pension pots. This makes it more difficult to ensure that savers are getting the advice they need. We recommend that aggregating and individual savers, rather than pots, becomes a key priority for the FCA, the Pensions Regulator and the Department for Work and Pensions. As a matter of urgency, so as not to delay the programme, the Department for Work and Pensions should work with the Pensions Dashboard Programme to establish whether pensions dashboards may be a route for doing this. (Paragraph 76) Protecting pension savers—five years on from the Pension Freedomss Accessing pension savings 63
Government Response
Acknowledged
HM Government
Acknowledged
The Government agree that digital tools have an important role to play in the delivery of guidance and encourage MaPS to go further in developing its digital offer. MaPS currently offer a self-serve digital journey, alongside digital tools such as retirement income and workplace pension contribution calculators. The government supports MaPS’ guidance transformation strategy, which includes work by MaPS to develop a digital Pension Wise appointment. MaPS is also exploring how it can implement the delivery of more efficient, accessible and impactful financial solutions, as outlined in recommendation 17 in Tom McPhail’s 2021 Departmental Review of MaPS. It is important to remember that some people, especially those who are financially vulnerable or have limited access to digital devices, may need additional support. Alternatives to digital guidance remains an important requirement of the services offered by MaPS. Dashboards