Source · Select Committees · Work and Pensions Committee
Recommendation 22
22
Paragraph: 91
When the pension freedoms were introduced, a guidance guarantee was presented as a key pillar...
Recommendation
When the pension freedoms were introduced, a guidance guarantee was presented as a key pillar of the reforms supporting people making use of the new range of choices available to them. Everyone with a defined contribution pension is entitled to free impartial guidance from Pension Wise when they come to access their pension. The Minister for Pensions and Financial Inclusion has agreed that having a Pension Wise appointment should be the norm. We recommend that DWP should set out a plan for how this will be achieved and a timetable for getting there. Pension Wise is an important tool to prevent scams and we will look further at its role, within the new MoneyHelper brand, in the next part of our inquiry on accessing pension savings.
Paragraph Reference:
91
Government Response
Acknowledged
HM Government
Acknowledged
The Financial Conduct Authority seeks to reduce the incidence of fraud through a framework of prepare, prevent, protect and pursue. They collaborate extensively with other agencies, including as one of the seven core National Economic Crime Centre partners. They have proactively published information on their actions to tackle scams in their Investment Harms report,3 and will publish more data of this kind in the future.