Protecting pension savers – five years on from the pension freedoms: Work and Pensions Committee to examine accessing pension savings

The Work and Pensions Committee is to investigate access to pension savings in the second part of its broad inquiry into the impact of the pension freedoms and the protection of savers.

The Committee will examine the options open to people when they come to access their pensions, as well as the advice and guidance which is available.

The inquiry on the pension freedoms, which were introduced in 2015 with the aim of giving people aged over 55 more control over how and when they could access their savings, has since July been examining pension scams. A report will be published shortly.

After the focus on accessing pension savings, the inquiry will move on to looking at saving for later life.

Rt Hon Stephen Timms MP, Chair of the Work and Pensions Committee, said: “The freedoms shook up the pension system five years ago and the dust is still settling. For the first part of our inquiry into the pension freedoms we have been hearing about pension scams and the worst outcomes people can face. For the next stage of our inquiry, we are looking not only at how people can avoid bad outcomes but how they can achieve good ones.

The aim of the pension freedoms was to give people freedom to make choices about how they access their pension savings. We will be looking at what choices people now have, five years on, and what support they need to make an informed choice.”

The full terms of reference are available on the inquiry page.