Found: Recent action from the Government through the recent Pension Schemes Bill mark steps in the right direction

Found: Pension Schemes Bill Ordered, That the following correspondence relati ng to the Pension Schemes Bill

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what plans she has to help increase investment in the UK by UK-based pension funds.

Answered by Tulip Siddiq - Economic Secretary (HM Treasury)

The Government published the Interim Report of its Pensions Investment Review at the Mansion House event on 14 November. This Report puts forward ambitious proposals to reform the UK pension system which could unlock around £80 billion of productive investment while boosting savers’ pension pots.

The consultations on the proposed measures will close on 16 January. The review will use its next stage to consider whether further interventions may be needed by the government to ensure that these reforms are benefiting UK growth. The final Pensions Investment Review report, including the final proposals to be legislated for, will be published in the Spring ahead of the introduction of the Pension Schemes Bill.

Question to the Department for Work and Pensions:

To ask His Majesty's Government what steps they are taking to support workers to better understand their pension options.

Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)

The Government recognises that people face important decisions about how to use their pension savings and ensures everyone has access to free, impartial pension guidance through the Money and Pensions Service (MaPS). MaPS’ MoneyHelper brand provides support on all areas of UK pensions to the public regardless of age. The service offers a range of pension guidance through articles and support from pension specialists, via written enquiries, webchat and a telephone helpline.

The Department for Work and Pension’s digital Midlife MOT is a review for workers in their 40s, 50s and 60s that helps them take stock of their finances, skills and health, enabling them to get access to the best possible guidance. This includes helping people to understand planning for later life, including their workplace pension and State Pension options.

MaPS also offers more targeted support as people progress towards retirement. Pension Wise, a service delivered through MoneyHelper, can help anyone over 50 understand their options for accessing their Defined Contribution pension pots. After entering retirement, ongoing guidance is available through the MoneyHelper website, webchat and telephone helpline.

Pension schemes also have a responsibility under the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 to provide information on the options available to members when they decide to access their pensions.

Furthermore, the Government signalled its intent, through the Pension Schemes Bill announced in the King’s Speech, to place duties on all trustees of occupational pension schemes to tailor the retirement products they offer in order to support people when accessing their pensions. This will ensure pots are accessed in the right way to support people in retirement and keep money invested for longer.

Found: It is to report later this year, ahead of the introduction of the Pension Schemes Bill announced in

Found: crucial for seamless communication a mong different systems. 191 DWP (October 2019): “Pension Schemes Bill

Found: We have announced a new Pension Schemes Bill , which will include measures to improve saver outcomes

Found: Two consultations will be published ahead of the Pension Schemes Bill in the Spring to merge defined

Found: The radical reforms, which will be introduced through a new Pension Schemes Bill next year, will create

Found: Earlier this year, in the King’s Speech, our new government announced a Pension Schemes Bill which includes

Found: This work builds on plans to review our pensions landscape as well as our new Pension Schemes Bill which

Found: crucial for seamless communication a mong different systems. 191 DWP (October 2019): “Pension Schemes Bill