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,"...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Call for regulation of DC pensions to be combined into single regime

Call for regulation of DC pensions to be combined into single regime

Concerns current FCA/TPR set up creates inconsistent consumer journey

Hope William-Smith
clock 29 September 2022 • 2 min read

FCA's business plan: Five key points for advisers

Outlook for regulator

Paul Edmondson and Pippa Tasker
clock 28 July 2021 • 7 min read

FCA targets pension providers in consumer value for money push

Will focus on decumulation from '22

Jenna Brown
clock 15 July 2021 • 2 min read