Source · Select Committees · Work and Pensions Committee
Third Report - Protecting pension savers – five years on from the pension freedoms: Saving for later life
Work and Pensions Committee
HC 126
Published 30 September 2022
Government response
Fourth Special Report - Protecting pension savers—five years on from the pension freedoms: Saving for later life: Government, Financial Conduct Authority and Money and Pensions Service Responses to the Committee’s Third Report of Session 2022–23 · published 23 Jan 2023
Recommendations & Conclusions
4
Recommendation
Deferred
We support the former Pensions Minister’s continued commitment to introducing the recommendations of the 2017...
Recommendation
We support the former Pensions Minister’s continued commitment to introducing the recommendations of the 2017 auto-enrolment review by the mid-2020s. It is Protecting pension savers – five years on from the pension freedomss Saving for later life 55 disappointing that …
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Government Response Summary
The government remains committed to implementing the 2017 Review ambitions in the mid-2020s and aims to bring forward legislation at a suitable opportunity, with a consultation to ensure effective implementation.
Department for Work and Pensions
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6
Recommendation
Deferred
Para 50
The middle of a cost of living crisis is not the time to ask people...
Recommendation
The middle of a cost of living crisis is not the time to ask people to pay more into their pension. However, if they are to do so in future, work to prepare the ground needs to start now to …
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Government Response Summary
The government is focused on economic stability and growth, and the next step for Automatic Enrolment is the implementation of the 2017 Review measures in the mid-2020s before looking at further changes. They are continuing to explore how to prompt savers to engage with their pensions.
Department for Work and Pensions
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7
Recommendation
Deferred
Para 54
In addition to any increase in the statutory minimum, we have been persuaded that there...
Recommendation
In addition to any increase in the statutory minimum, we have been persuaded that there is scope to expand the use of targeted ways to improve outcomes or increase contributions. We recommend the Government commit to a trial of auto-escalation …
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Government Response Summary
The government is focused on economic stability and growth, and will implement the 2017 Review measures in the mid-2020s as the next step for Automatic Enrolment before looking at further changes like auto-escalation schemes.
Department for Work and Pensions
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14
Recommendation
Deferred
Para 102
We heard that the level at which the auto-enrolment earnings trigger is set (£10,000) currently...
Recommendation
We heard that the level at which the auto-enrolment earnings trigger is set (£10,000) currently excludes too many people, with the result that they miss out on employer contributions and tax relief. We heard calls for it to be reduced …
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Government Response Summary
The government remains committed to the implementation of the 2017 Review ambitions in the mid-2020s, aiming to bring forward legislation at a suitable opportunity and when parliamentary time allows, and will consult on the implementation of the review.
Department for Work and Pensions
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19
Recommendation
Deferred
Para 126
We heard that concerns about stepping over the boundary from guidance into advice continue to...
Recommendation
We heard that concerns about stepping over the boundary from guidance into advice continue to constrain the support that pension schemes and employers can provide to savers. The regulators are working with pension schemes and providers to better understand these …
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Government Response Summary
The government redirects the recommendation to the FCA, stating they lead on the provision of financial advice and have provided a separate response.
Department for Work and Pensions
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