Select committee: Work and Pensions Committee
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 January 2023
Work and Pensions Committee Protecting pension savers – five years on from the pension freedoms: Saving for later life Report on parliament.uk ↗
At a glance
The government's response
This document responds to Third Report - Protecting pension savers – five years on from the pension freedoms: Saving for later life.
This is the government's response, published 23 January 2023.
Summary written by Accountability Index from the government's response. It is not the government's own words.The government "notes" the Committee's report and responds to each recommendation in turn, committing to implement the 2017 Automatic Enrolment Review measures while declining several proposals.
- On the 2017 Review, it remains "committed to the implementation" of its ambitions "in the mid-2020s" and aims to bring forward legislation "at a suitable opportunity and when parliamentary time allows", with a consultation on implementation.
- It declines to consult on a plan for older savers without Defined Benefit pensions, saying "We do not believe now is the right time to consult", and does not support trialling automatic Pension Wise bookings.
- It states that "a new office is necessary" is not its view: the government "does not believe that a new office is necessary" to build the evidence base on retirement adequacy.
- On the gender pensions gap, it is developing a definition and says any target "could only be considered once a suitable definition has been agreed upon".
What the committee recommended
This is a government response document, so it has no recommendations of its own.