Pension Wise

In the third of a five-part series of articles for PP, pensions minister Guy Opperman sets out how impending legislation will help crackdown on 'crooks' scamming people out of their pensions.

An amendment to the Pensions Schemes Bill which would have seen people given a pre-booked Pension Wise appointment ahead of accessing their retirement savings has been defeated.

A proposal to ensure savers receive a Pension Wise appointment prior to accessing their retirement pot has received cross-party support in parliament, while Labour seeks net-zero pensions by 2050.

Work and Pensions Committee chairman Stephen Timms has submitted an amendment to the Pension Schemes Bill aiming to increase the use of pension guidance.

Occupational pensions schemes will be required to direct savers to take guidance on pension withdrawals under new provisions to boost engagement.

The Money and Pensions Service (Maps) has revealed that stronger nudges from providers results in more Pension Wise appointments and greater take-up of guidance.

Pension Wise saw a 49% increase in customers arranging appointments with the service over the course of 2018/2019.

The vast majority of pension scheme members who use Pension Wise have demonstrated clear knowledge about pension freedoms when questioned on specific facts.

The Money and Pensions Service (MAPS) has launched under its refreshed name, calling on the industry to help design its first strategy on financial wellbeing.

The Single Financial Guidance Body (SFGB) will be rebranded as the 'Money and Pensions Service', the government has announced.