Asked by: Baroness Leaman (Liberal Democrat - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government, further to the answer by Lord Livermore on 30 June (HL Deb col 937), what the scope and expected timescale will be of their review on pension access rules for people with a terminal diagnosis.
Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)
For those living with terminal illness, the Government believes it is compassionate and appropriate to allow access to private pension savings. While the intent of the current rules is to provide flexibility while keeping in place important safeguards to avoid risk of error and misuse, the Government recognises that the permissive nature of these rules means some individuals may have different experiences with access, depending on their scheme. We are engaging with a range of stakeholders on this important matter and will provide an update in due course. We would be happy to hear from pension members and stakeholders about their experiences.