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Pensions: Advisory Services

Question for Department for Work and Pensions

UIN 36400, tabled on 4 May 2016

To ask the Secretary of State for Work and Pensions, what plans he has to extend the Pensions Wise service to people (a) between 20 and 40 and (b) between 40 and 50; and if he will make that service available to advise people on whether to invest in a lifetime ISA or under auto enrolment.

Answered on

11 May 2016

Pension Wise provides free and impartial guidance to those aged 50 and over with a defined contribution pension to help them understand their options.

It was announced at the 2015 summer budget that the age for eligibility would be lowered to 50. Pension Wise has developed new content for 50 – 54 year olds to make the guidance appointments more relevant to their needs and this is now live.

The government plans to restructure the delivery of public financial guidance to ensure that all consumers can access the help they need when they need it.

Pension Wise does not give specific advice on products or provider recommendations. There are currently no plans for Pension Wise to provide guidance on lifetime ISAs or Automatic Enrolment.