Source · Select Committees · Work and Pensions Committee
Recommendation 22
22
Paragraph: 95
We recommend that the Money and Pensions Service offers enhanced guidance, under our proposed definition,...
Recommendation
We recommend that the Money and Pensions Service offers enhanced guidance, under our proposed definition, through its pensions services. We also recommend that the Money and Pensions Service establishes an industry group to develop best practice proposals and templates for offering enhanced pensions guidance.
Paragraph Reference:
95
Government Response
Acknowledged
HM Government
Acknowledged
We want to ensure that people have a general awareness of pensions, know about the importance of planning for retirement, and have access to the information they need to do this. We welcome the industry led campaign for Pensions Engagement Season, starting in September 2022, aligning messaging across the sector and supporting savers to engage with their pensions. We recognise the challenges of delivering a statement season. However, the current system is sub-optimal for members and DWP believes that there is more that can be done. We will continue to look at ways that we can prompt people to engage with their pensions, including what role annual benefit statements can play.