Lord Newby
Main Page: Lord Newby (Liberal Democrat - Life peer)Department Debates - View all Lord Newby's debates with the HM Treasury
(13 years, 7 months ago)
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Lord Sassoon
My Lords, I can confirm that we want to push on with our proposals for financial education underpinning choices about retirement savings and other important financial services. The Consumer Financial Education Body has been asked by the Government to work up its plans for an annual health check. It publishes a guide on retirement savings. I certainly take the point very well.
Lord Newby
My Lords, following on from that question, does the Minister accept that the key problem with people deciding which annuity to purchase is often that they are not experts and want impartial advice at that point? That is why the Consumer Financial Education Body is so important. Will he redouble the Government’s efforts to get the Consumer Financial Education Body to develop an online tool so that people who are looking to decide which annuity they purchase can go not only to the company from which they are taking their pension pot but also to someone who is clearly impartial?
Lord Sassoon
My Lords, I agree with my noble friend that we need to look at all options to make it easier for people to access online and other sources of independent advice. The CFEB was a significant initiative of the previous Government and we are encouraging it to press forward on this issue.