To ask the Secretary of State for Work and Pensions, what the timetable is for pension savers to start benefiting from the provisions of the Financial Guidance and Claims Act 2018 for ensuring that those savers receive impartial pensions guidance before accessing their pension savings.
To ask the Secretary of State for Work and Pensions, what estimate she has made of the increase in impartial pensions guidance usage following the introduction of the Financial Guidance and Claims Act’s provisions for ensuring savers first receive impartial pensions guidance before accessing their pension savings.
Since its creation in January, the Money and Pensions Service has been working with government and pension providers in developing tests to determine how a stronger nudge into taking pensions guidance would work effectively in practice. Prior to its launch this work was progressed by Pension Wise under DWP.
An independent contractor has been appointed to carry out these tests in partnership with a number of pension providers. An evaluation report will be published this financial year, which will form the basis for which option is selected. Until the report has been published, we are unable to make an estimate in relation to an increase in the expected take up of Pension Wise guidance.
The Money and Pensions service continue to provide guidance appointments via Pension Wise, making 205,000 appointments available across their channels this financial year which would be almost three and a half times higher than Pension Wise’s first year of operation. Pension Wise have been successful in increasing demand for appointments year on year across all its channels.