Source · Select Committees · Work and Pensions Committee
Recommendation 21
21
Not Addressed
Paragraph: 90
When someone is looking for support to help them make a decision about their pension...
Conclusion
When someone is looking for support to help them make a decision about their pension they can seek either advice or guidance. These are both important tools to prevent scams, with earlier intervention likely to lead to better outcomes. Advice is a personalised recommendation which can only be provided by regulated individuals and firms. Guidance is a broader term which includes general information and signposting about pensions. This difference is not always understood by consumers and can be exploited by scammers.
Government response summary AI-generated
The government agrees a public description of Project Bloom members and roles is a beneficial next step and will be taken forward, and a public report on scams measures will be considered alongside wider industry reporting. This does not address the committee's conclusion about consumer understanding of pension advice vs guidance.
Paragraph Reference:
90
Government Response
The government responded to this report on 6 July 2021. No passage in that response could be matched to this conclusion. Read the response document ↗