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Pensions: Advisory Services

Question for Department for Work and Pensions

UIN 37704, tabled on 20 April 2020

To ask the Secretary of State for Work and Pensions, if the Money and Pensions Service will publish a report on the behavioural trials it has conducted on nudging savers towards pensions guidance.

Answered on

24 April 2020

The Money and Pension Service (MaPS) has undertaken trials to gather evidence on the best way to encourage more people to take Pension Wise guidance before accessing their pension, fulfilling the requirement set out in the Financial Guidance and Claims Act 2018. MaPS appointed an independent contractor, the Behavioural Insights Team (BIT), to design, run, and evaluate the nudge to pension guidance trials. MaPS, with BIT will publish an evaluation report of the trials in Summer 2020.

We will not pre-empt the results of the trials. We believe it is essential to use the evidence base that the trials on a stronger nudge to guidance will help to provide, to assess the impact of the trial results when they are available and co.nduct a consultation prior to implementing any regulations.