Work and Pensions Committee

Pension freedom and choice inquiry

Inquiry status: open

The deadline for submissions has passed. Please contact the Committee if you need to send evidence late.

Scope of the inquiry

The deadline for written submissions was Monday 23 October 2017, which included recommendations for improvements in each case:

  • What are people doing with their pension pots (including defined benefit pension entitlements) and are those decisions consistent with their objectives? Is there adequate monitoring of the decisions being made?
  • Are people taking proportionate advice and guidance and if not, why not? Are people adjusting behaviour in response to advice and guidance?
  • To what extent will pensions dashboards enable consumers to make more informed decisions about their retirement savings? What are the remaining obstacles to their creation and success and how should those obstacles be overcome?
  • Is Pension Wise working? If not, how should it be reformed? Are there any implications for the proposed creation of a new single public financial guidance body?
  • Are there persistent gaps in the advice and guidance market and what might fill them? Is automated advice and guidance filling gaps as expected?
  • Is there evidence of product market competition resulting in cheaper, clearer or a wider products for consumers? Are people switching from their pension provider in accessing their pots? Is an adequate annuity market being sustained?
  • Are the Government and Financial Conduct Authority taking adequate steps to prevent scamming and mis-selling?
  • Are the freedom and choice reforms part of a coherent retirement saving strategy? To what extent is it complimentary to or undermined by other policies?
Terms of reference: Pension freedom and choice

Latest evidence

  • 13 Dec 2017 - Pension freedoms and choice - oral evidence | PDF version (PDF324 KB) HC 404 | Published 15 Dec 2017

    Evidence given by Rich Caddy, Shift Operations Manager, British Steel (Teesside), David Neilly, Plant Process Operator, Tata Steel UK (Port Talbot), Henry Tapper, Director, Pension PlayPen and First Actuarial, and Stefan Zaitschenko, Former steelworker (Teesside); Clive Howells, Managing Director, Celtic Wealth Management , and Darren Reynolds, Director, Active Wealth (UK) Ltd (at 10.10am); Megan Butler, Director of Supervision (Investment, Wholesale and Specialist), Financial Conduct Authority, Alasdair McDiarmid, Operations Director, Community trade union, Alan Johnston, Trustee Chairman and Derek Mulholland, Director of Pensions, British Steel Pension Scheme (at 10.50am).

    Watch this evidence session
  • 15 Nov 2017 - Work and Pensions Committee - oral evidence | PDF version (PDF285 KB) HC 404 | Published 17 Nov 2017

    Evidence given by Nicola Parish, Executive Director of Frontline Regulation, The Pensions Regulator and Christopher Woolard, Director of Strategy and Competition, Financial Conduct Authority; Stephen Barclay MP, Economic Secretary to the Treasury, Guy Opperman MP, Parliamentary Under Secretary of State for Pensions and Financial Inclusion, Department for Work and Pensions, and Charlotte Clark, Director, Private Pensions and Arm's Length Bodies, Department for Work and Pensions.

    Watch this evidence session

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