Source · Select Committees · Work and Pensions Committee
Recommendation 23
23
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Pension savers will often look first to their scheme or employer for support when making...
Recommendation
Pension savers will often look first to their scheme or employer for support when making decisions about their pension savings. Schemes and employers should play an active role in providing guidance and signposting advice to their members and employees. Many large schemes and employers already do this. We recommend 64 Protecting pension savers—five years on from the Pension Freedomss Accessing pension savings that the Pensions Regulator, Financial Conduct Authority and Money and Pensions Service produce a plan to increase the number of schemes and employers using the tools they provide. As far as is possible they should aim for consistency across trust- based and contract-based pension savings. The plan should stress the importance of scheme members shopping around before deciding to buy a new product from their incumbent provider.
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Government Response
Acknowledged
HM Government
Acknowledged
The department is working closely with the Money and Pensions Service, supported by the wider Mid-life MOT Board, to test both the most effective format(s) for Mid-life MOTs and the most efficient delivery route for Mid-life MOTs, building on the findings of the 2021 Local Enterprise Partnership Digital Delivery tests. On this basis, the Money and Pensions Service are looking to develop a financial Mid-life MOT, with input from the department and the wider Mid-life MOT Board and looking at best practice and examples such as AVIVA who have already successfully developed and piloted a Mid-life MOT. In the Budget 2021, the Chancellor announced a package of support for older workers, which will help older workers to stay in and return to work. This new package will ensure older workers will receive better information and guidance on later life planning, helping them make informed choices and supporting them to plan their career and remain in work. Measures will include trialling Midlife MOT activity in both Jobcentres and the private sector. Wider Government Policy