Question to the HM Treasury:

To ask Her Majesty’s Government what assessment they have made of the risk and impact of people spending their pensions irresponsibly following changes to the system to allow them to receive a lump sum; and whether they are going to take any steps further to assist pensioners to manage their finances.

The Government believes that individuals should be trusted with their pension savings; it should not be for the state to dictate how someone spends their savings in retirement.

The new right to free and impartial guidance at retirement will help savers make confident and informed decisions on how they use their pension savings, making sure that they are clear on their retirement income options before they make any decisions about what to do with their savings.