Committee questions Ministers on pension freedoms and choice
15 November 2017
The Work and Pensions Committee questions the Treasury, Financial Conduct Authority (FCA) and Department of Work and Pensions on pension freedoms, scams and engaging the public with pension planning.
- Watch Parliament TV: Pension freedom and choice
- Inquiry: Pension freedom and choice
- Work and Pensions Committee
The Committee questions the FCA, TPR, Economic Secretary to the Treasury Stephen Barclay and Pensions Minister Guy Opperman on the operation of pension freedoms and the way the changing face of scams can be tackled.
Defined benefit transfer requests are surging, but advice is too often unsuitable or unavailable.
There is evidence people are increasingly being convinced to transfer their pension into unsuitable - but often not illegal - products or investments, putting their retirement plans and financial security at risk, or being hit with high charges.
Improving advice and guidance
The Committee will explore the range of ways of improving the advice and guidance "offer", and increasing uptake of it.
It will also discuss plans for the forthcoming pensions dashboard and options to improve outcomes for disengaged savers such as the FCA's proposed default investment pathway.
The Committee has written to Guy Opperman with some new questions it expects answers to ahead of the session, including details of the Government's plans for a ban on cold-calling.
The Committee will also be publishing correspondence with The Pensions Regulator on the stats it has available on the true scale of pensions scams.
Wednesday 15 November, Committee Room 15, Palace of Westminster
At approximately 09:25am
- Nicola Parish, Executive Director of Frontline Regulation, The Pensions Regulator
- Christopher Woolard, Director of Strategy and Competition, Financial Conduct Authority
At approximately 10:10am
- Stephen Barclay MP, Economic Secretary to the Treasury
- Guy Opperman MP, Parliamentary Under Secretary of State for Pensions and Financial Inclusion, Department for Work and Pensions
- Charlotte Clark, Director of Private Pensions and Arm's Length Bodies, Department of Work and Pensions