Pensions: Advisory Services

Department for Work and Pensions written question – answered on 24th April 2020.

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Photo of Neil Coyle Neil Coyle Labour, Bermondsey and Old Southwark

To ask the Secretary of State for Work and Pensions, if the Money and Pensions Service will publish a report on the behavioural trials it has conducted on nudging savers towards pensions guidance.

Photo of Neil Coyle Neil Coyle Labour, Bermondsey and Old Southwark

To ask the Secretary of State for Work and Pensions, what assessment she has made of implications for her policies of the results of the behavioural trials led by the Money and Pensions Service to encourage people to take guidance from Pension Wise before accessing their pension savings.

Photo of Guy Opperman Guy Opperman The Parliamentary Under-Secretary of State for Work and Pensions

The Money and Pension Service (MaPS) has undertaken trials to gather evidence on the best way to encourage more people to take Pension Wise guidance before accessing their pension, fulfilling the requirement set out in the Financial Guidance and Claims Act 2018. MaPS appointed an independent contractor, the Behavioural Insights Team (BIT), to design, run, and evaluate the nudge to pension guidance trials. MaPS, with BIT will publish an evaluation report of the trials in Summer 2020.

We will not pre-empt the results of the trials. We believe it is essential to use the evidence base that the trials on a stronger nudge to guidance will help to provide, to assess the impact of the trial results when they are available and co.nduct a consultation prior to implementing any regulations.

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