Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, with reference to the Association of British Insurer's report: Principles for tailoring retirement risk warnings, published in May 2019, what assessment she has made of the potential merits of ensuring that age-appropriate warnings are provided when information is given on (a) pension scams, (b) employer contributions in relation to pensions, (c) tax matters in relation to pensions, (c) life expectancy in relation to financial planning and (d) lasting power of attorney in relation to financial and health matters.

The Department for Work and Pensions has engaged with the Financial Conduct Authority on their proposals to improve the information received by pension scheme members. The department is working with the Pension Regulator as to how best to introduce equivalent measures for occupational pension schemes and will also seek to involve industry stakeholders such as the Association of British Insurers in this work.

The Government considers that providing people with the right information at the right time can be key in helping them make more effective decisions about their pension savings. It is sensible to tailor communications to people’s circumstances. There will be some differences in the information someone in work would find more helpful than someone aged 75 or over who is already retired. It is important, however, that all savers are alerted to the risks posed by pension scams and we welcome the inclusion of that messaging in the approach proposed by the Association of British Insurers.