Work and Pensions Committee chair Stephen Timms has submitted a formal amendment asking for more to be done to nudge savers to access pensions guidance as they approach retirement.
Last week (28 October), the Department for Work and Pensions (DWP) submitted a policy statement to say it would "nudge" people towards taking pension guidance. However, the DWP ignored calls for people to be automatically enrolled to Pensions Wise guidance before accessing their defined contribution pots. In response to the statement, Timms submitted an amendment to the Secretary of State asking the government to write to "members or survivors" of pension schemes five years prior to the age of becoming eligible to access their benefits. They should then schedule a date and time for a pe...
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