MPs to examine advice when accessing pensions

MPs to examine advice when accessing pensions

The Work and Pensions committee will examine the options available to savers when they come to access their pensions, as the second part of its inquiry into pension freedoms.

The MPs will also look at advice and guidance options available to individuals who want to access their pensions.

The inquiry on the pension freedoms started in July by examining pension scams and a report will be published shortly, the WPC stated.

In a podcast hosted by FTAdviser's sister publication Pensions Expert the committee’s chair, Stephen Timms, said the current law governing pension transfers was not fit for purpose and there were too many bodies involved in handling pension scams.

Regarding the second stage of the inquiry, Timms said: “The freedoms shook up the pension system five years ago and the dust is still settling.

“For the first part of our inquiry into the pension freedoms we have been hearing about pension scams and the worst outcomes people can face.

“For the next stage of our inquiry, we are looking not only at how people can avoid bad outcomes but how they can achieve good ones.”

He noted that the aim of the pension freedoms was to “give people freedom to make choices about how they access their pension savings”.

“We will be looking at what choices people now have, five years on, and what support they need to make an informed choice,” he concluded.

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