Source · Select Committees · Work and Pensions Committee
Recommendation 22
22
Acknowledged
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.
Government response summary AI-generated
The government welcomes the industry-led campaign for Pensions Engagement Season and states they will continue to look at ways that they can prompt people to engage with their pensions, including what role annual benefit statements can play.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
95
Government Response
Acknowledged
HM Government · verbatim extract
Acknowledged
The Money and Pensions Service provides tailored guidance to individuals, based upon the information they provide. For instance, MoneyHelper Pensions (previously known as The Pensions Advisory Service), already provide specialist pensions and divorce appointments and pension rebuild appointments for people who have lost their pension savings and need to rethink their options to rebuild or maximise savings. Pension Wise provides guidance tailored towards individuals, aged 50 or above, who are considering how to access their defined contribution pensions savings. The government supports MaPS’ guidance transformation strategy, which will seek to triage members towards the guidance service most appropriate for them and increase the flexibility of Pension Wise so that it may more be more effectively tailored towards an individual’s needs.
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