Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what steps he is taking to assist middle-income families with their pension planning.

The government is committed to making sure that people can access high quality, affordable, tailored advice and guidance to help them make informed financial decisions.

The government set up Pension Wise to offer free and impartial guidance to those eligible to access the pension freedoms, to allow them to make confident, informed choices about how to use their retirement savings. The government has also extended access to the service, allowing those aged 50 and above to use guidance sessions to help them plan for their retirement. In addition, the Money Advice Service provides guides to help people improve their finances; tools and calculators to help them track and plan ahead; and offers support in person, over the phone and online.

The government recognises that there is a potential “advice gap” for people who do not have significant wealth. The government launched the Financial Advice Market Review (FAMR), which is being led jointly by HM Treasury and the Financial Conduct Authority, to look at how best to increase the accessibility and affordability of financial advice. The government also launched the Public Financial Guidance consultation to look at how the provision of public financial guidance could be made more effective for consumers. Both FAMR and the Public Financial Guidance consultation will publish their recommendations in time for Budget 2016.