Workplace Pensions

Question

The Government recognises that people face important decisions about how to use their pension savings and ensures everyone has access to free, impartial pension guidance through the Money and Pensions Service (MaPS). MaPS’ MoneyHelper brand provides support on all areas of UK pensions to the public regardless of age. The service offers a range of pension guidance through articles and support from pension specialists, via written enquiries, webchat and a telephone helpline.

The Department for Work and Pension’s digital Midlife MOT is a review for workers in their 40s, 50s and 60s that helps them take stock of their finances, skills and health, enabling them to get access to the best possible guidance. This includes helping people to understand planning for later life, including their workplace pension and State Pension options.

MaPS also offers more targeted support as people progress towards retirement. Pension Wise, a service delivered through MoneyHelper, can help anyone over 50 understand their options for accessing their Defined Contribution pension pots. After entering retirement, ongoing guidance is available through the MoneyHelper website, webchat and telephone helpline.

Pension schemes also have a responsibility under the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 to provide information on the options available to members when they decide to access their pensions.

Furthermore, the Government signalled its intent, through the Pension Schemes Bill announced in the King’s Speech, to place duties on all trustees of occupational pension schemes to tailor the retirement products they offer in order to support people when accessing their pensions. This will ensure pots are accessed in the right way to support people in retirement and keep money invested for longer.