Andrew Tyrie, chairman of the Treasury Committee, has told the chancellor that he must remain closely involved with Pension Wise, following the announcement that the responsiblity for the service will guidance service will transfer to the Department for Work and Pensions.
Earlier this week, Harriett Baldwin, economic secretary to the Treasury, announced in an evidence session to the Work and Pensions Select Committee that responsibility for delivery of the service will move from the Treasury to the DWP by the end of the financial year.
The move to DWP will not mean a change to the service itself or to its delivery partners, the Citizens Advice Bureau and The Pensions Advisory Service.
Pensions minister Ros Altmann said: “Our new pension reforms give people real flexibility over how and when they use their hard-earned savings in retirement and are providing the freedom and choice that people deserve.
Pension Wise is playing a vital role in ensuring that people have the guidance and support to decide what to do with their pension and what important issues they should consider.
“I look forward to this excellent work continuing at the Department for Work and Pensions.”
However, Mr Tyrie warned that the chancellor must still be involved with the guidance service to ensure that consumers are adequately protected.
He said: “Since its launch in April, the committee has taken a lot of evidence on Pension Wise and pressed the chancellor on what the money spent on it has achieved.
“This issue affects millions of people and it is important that high quality guidance is given to them.
“The committee looks forward to hearing the chancellor’s explanation for his decision when he gives evidence to the committee after the Autumn Statement.
“Among other things, the committee will want assurance that the chancellor remains closely enough involved to ensure that his Budget announcement is implemented with adequate protection to consumers.”