Source · Select Committees · Work and Pensions Committee
Recommendation 31
31
The midlife MOT is free support for people in their 40s, 50s and 60s to...
Recommendation
The midlife MOT is free support for people in their 40s, 50s and 60s to make plans about work, wellbeing and money. We welcome the principle of a midlife MOT, but believe that the policy is not yet providing the support envisaged for most savers. For the “my money” part of the midlife MOT, we recommend that the Department for Work and Pensions, supported by the Money and Pensions Service, undertakes research to: a) Develop the most effective format(s) for midlife MOTs; b) Establish the most efficient delivery route for midlife MOTs; and c) Maximise the take up of the midlife MOT. (Paragraph 124) Wider government policy
Government Response
Not Addressed
HM Government
Not Addressed
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.