Source · Select Committees · Work and Pensions Committee
Recommendation 23
23
Accepted in Part
Paragraph: 100
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.
Government response summary AI-generated
The government is working with the Money and Pensions Service to test and develop a financial Mid-life MOT, building on previous tests and examples, and will trial Midlife MOT activity in Jobcentres and the private sector to help older workers plan their career and remain in work.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
100
Government Response
Accepted in Part
HM Government · verbatim extract
Accepted in Part
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.
Read the full response on Parliament ↗