MPs urge government to trial automatic Pension Wise appointments

'Behavioural shifts needed'

Julia Bahr
clock • 3 min read

A Work and Pension Committee report has called on the government to do more boost access to guidance and commit to a trial of automatic Pension Wise appointments.

MPs said plans to ‘nudge' people towards guidance, proposed by the Department for Work and Pensions and the Financial Conduct Authority (FCA), will "not be enough" to make receiving pensions guidance the norm. The committee recommended that the government sets a target of at least 60% for the combined use of Pension Wise and paid-for advice when accessing pension pots for the first time. "The government should initiate two trials: one with an appointment when a person accesses their pension for the first time and another at the age of 50, before they can access their pension savings,"...

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