Accessing pension savings: Work and Pensions Committee publishes Government response to report

The Work and Pensions Committee has today published the Government and FCA responses to its report on accessing pension savings.

Published in January, the report called on the Government and regulators to play a more active role in supporting savers to make better decisions about their money.

The Committee recommended that “the Government sets a goal for the Money and Pension Service for the combined use of Pension Wise and paid for advice when accessing pension pots for the first time. This goal should be at least 60 per cent and expressed in terms of individuals rather than pots.” In response, the Government said it “does not support setting a target proportion of members utilising advice or Pension Wise guidance.”

The Government also rejects the Committee’s calls for a trail of automatic Pension Wise appointments.

Rt Hon Stephen Timms MP, Chair of the Work and Pensions Committee, said: “

The Committee’s inquiry on accessing pension savings was the second part of a wider inquiry examining the impact of the introduction of the pension freedoms in 2015. The Committee previous published a report on pension scams and is currently examining how people can be supported to plan and save for retirement.