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1250337

registered interest
date	10/11/2020
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pensions: Advisory Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, when she plans to commence the impartial pensions guidance rules provided for in sections 18 and 19 of the Financial Guidance and Claims Act 2018.
tabling member constituency	Bury South
tabling member printed	Christian Wakeford
uin	113690
answer	answer is ministerial correction date of answer 18/11/2020 answer text <p>We intend to commence the guidance rules soon.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 18/11/2020 15:45:33 answering member 4142 label Biography information for Guy Opperman
tabling member	4871 label Biography information for Christian Wakeford

1244899

registered interest
date	20/10/2020
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pensions: Advisory Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, when the impartial pensions guidance rules covered by Clauses 18 and 19 of the Financial Guidance and Claims Act 2018 are planned to be introduced.
tabling member constituency	Bury South
tabling member printed	Christian Wakeford
uin	106522
answer	answer is ministerial correction date of answer 26/10/2020 answer text <p>We will be publishing a statement of policy intent shortly which will set out how we plan to implement the stronger nudge (Section 19 of the Financial Guidance and Claims Act) for occupational pensions.</p><p> </p><p>Following this, we will consult on draft Regulations which will come into force at the earliest opportunity.</p><p> </p><p>We are working closely with the FCA who will consult on rules for personal and stakeholder pensions, which will also come into force at the earliest opportunity</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 26/10/2020 17:20:01 answering member 4142 label Biography information for Guy Opperman
tabling member	4871 label Biography information for Christian Wakeford

1237058

registered interest
date	23/09/2020
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pensions: Advisory Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, if she will review the mandatory financial advice requirement for people wishing to transfer or convert a DB pension with a transfer value worth more than £30,000 through the pension freedoms regulations 2015.
tabling member constituency	Warrington North
tabling member printed	Charlotte Nichols
uin	94569
answer	answer is ministerial correction date of answer 01/10/2020 answer text <p>The Secretary of State has a duty to review this requirement to take financial advice. The first report must be published before 6 April 2023, as set by the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment) Regulations 2017. At this time, the Government has no immediate plans to review or lower the threshold at which individuals are required to take financial advice.</p><p> </p><p>In 2015 Parliament passed the requirement to take financial advice for anyone seeking to transfer or convert a cash equivalent value of £30,000 or more from a defined benefit pension to an arrangement where they could flexibly access those savings. This statutory legal requirement was introduced to ensure individuals with valuable pension benefits are fully aware of the risks involved in giving up a secure income in retirement to one that may be susceptible to fluctuations in the financial markets, and carefully consider the implications of permanently surrendering their guarantees before they decide to transfer or convert those benefits.</p><p> </p><p>Government’s commitment to maintain the existing threshold forms part of a wider commitment to safeguarding consumer savings – we want individuals to better understand their choices and the risks that exist. To this end, DWP will be introducing new information requirements from the age fifty to those with defined contribution pension savings, that will inform them in more simplified terms, about their retirement options and the availability of guidance to help with their decisions. DWP also see accessing guidance as a natural part of the journey savers take, before making a decision relating to the pension freedoms. Following the recent trials, which showed a nudge to guidance during the application process is effective, we will be commencing section 19 of the Financial Guidance and Claims Act 2018, which amends the Pension Schemes Act 1993.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 01/10/2020 16:26:11 answering member 4142 label Biography information for Guy Opperman
tabling member	4799 label Biography information for Charlotte Nichols

1233031

registered interest
date	09/09/2020
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pensions: Advisory Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, how many people have booked a Pension Wise guidance session since the start of the covid-19 outbreak.
tabling member constituency	Crawley
tabling member printed	Henry Smith
uin	87527
answer	answer is ministerial correction date of answer 16/09/2020 answer text <p>Between March 1<sup>st</sup> and September 9<sup>th</sup> 2020, the number of Pension Wise guidance sessions booked totalled 64,221.</p><p> </p> answering member constituency Hexham answering member printed Guy Opperman question first answered 16/09/2020 12:31:32 answering member 4142 label Biography information for Guy Opperman
tabling member	3960 label Biography information for Henry Smith

1221082

registered interest
date	06/07/2020
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pensions: Advisory Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, how many and what proportion of Defined Contribution pension savers that have not received regulated financial advice had a telephone appointment with the Pension Wise guidance service before accessing their pension benefits in the last 12 months.
tabling member constituency	Wallasey
tabling member printed	Ms Angela Eagle
uin	69459
answer	answer is ministerial correction date of answer 09/07/2020 answer text <p>Data on the number of Defined Contribution (DC) contract-based pots accessed without financial advice, but after taking Pension Wise guidance can be found in Tables 10-13 in FCA’s retirement income market data 2018/19 release: <a href="https://www.fca.org.uk/data/retirement-income-market-data" target="_blank">https://www.fca.org.uk/data/retirement-income-market-data</a>. This data is not broken down by appointment type and as it does not include the trust-based DC market, does not cover the entire DC decumulation market.</p><p> </p><p>We do not hold data on the proportion of Defined Contribution savers that this represents, as people may have multiple pots and may not seek advice or guidance on each pot.</p><p> </p><p>The Money and Pensions Service publish information on the number of Pension Wise appointments delivered by appointment type in their Pension Wise service evaluation report 2018/19: <a href="https://moneyandpensionsservice.org.uk/2020/01/24/pension-wise-service-evaluation-2018-19-experiences-and-outcomes-of-customers/" target="_blank">https://moneyandpensionsservice.org.uk/2020/01/24/pension-wise-service-evaluation-2018-19-experiences-and-outcomes-of-customers/</a></p> answering member constituency Hexham answering member printed Guy Opperman question first answered 09/07/2020 13:13:53 answering member 4142 label Biography information for Guy Opperman
tabling member	491 label Biography information for Dame Angela Eagle

1198065

registered interest
date	01/06/2020
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pensions: Advisory Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what steps she is taking to increase the availability and access of impartial pension advice and guidance for pensioners before they make decisions on their financial situation in retirement.
tabling member constituency	Bermondsey and Old Southwark
tabling member printed	Neil Coyle
uin	52039
answer	answer is ministerial correction date of answer 09/06/2020 answer text <p>The Money and Pensions Service (MAPS) have a national goal to have 5 million more people understanding enough to plan for, and in, later life. MAPS are working with a wide range of organisations across industry and consumer groups to harness the collective efforts to reach this ambitious target by 2030. MAPS are working across a multitude of different channels to ensure that they are driving take up of Pension Wise guidance.</p><p> </p><p><a href="https://moneyandpensionsservice.org.uk/uk-strategy-for-financial-wellbeing/" target="_blank">https://moneyandpensionsservice.org.uk/uk-strategy-for-financial-wellbeing/</a></p><p> </p><p>For example, MAPS recently ran trials to test different ways of delivering a nudge to guidance at the point someone wishes to access their pension pot, with a view to making receiving guidance a social norm. MAPS, with the Behavioural Insights Team (BIT), will publish an evaluation report of the trials in Summer 2020 and the results will assist the FCA and the Government in making rules and regulations.</p><p> </p><p>Furthermore, recent FCA rules changes mean that from 1 November 2019, providers are required to include strengthened messaging about Pension Wise guidance in the ‘wake-up’ packs they send to their customers in the run-up to retirement. Providers are now also required to send the packs more frequently. The FCA’s approach was informed by behavioural research, which showed a material improvement in customer contact with Pension Wise.</p><p> </p><p>Pension Wise also run successful advertising campaigns across multiple channels, as well as working with employers nationally and locally to engage with their employees at their place of work.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 09/06/2020 13:14:50 answering member 4142 label Biography information for Guy Opperman
tabling member	4368 label Biography information for Neil Coyle

1199088

registered interest
date	01/06/2020
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pensions: Advisory Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, how many people have booked a Pension Wise guidance session since the start of the covid-19 outbreak.
tabling member constituency	Wallasey
tabling member printed	Ms Angela Eagle
uin	51612
answer	answer is ministerial correction date of answer 09/06/2020 answer text <p>Pension Wise have been successful in increasing demand for guidance appointments year on year from a standing start in 2015. During the 2019-2020 financial year there were 205,643 available appointments.</p><p> </p><p>Since the 11<sup>th</sup> March 2020, the Money and Pension Service have been collating Covid-19 figures. From this point up until 2<sup>nd</sup> June 2020, 21,663 bookings for Pension Wise guidance sessions have been made. The Money and Pension Service has successfully adapted its methods for delivering Pension Wise guidance during the Covid-19 outbreak to ensure that it can maintain its service. As face-to-face appointments have not been possible at this time, the Money and Pension Service have focussed on digital and telephone delivery channels to maintain levels of service. This has involved working proactively with customers who were booked for a face-to-face session and offering channel shift to ensure that support is still given to meet customer needs.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 52038 question first answered 09/06/2020 12:43:24 answering member 4142 label Biography information for Guy Opperman
tabling member	491 label Biography information for Dame Angela Eagle

1189993

registered interest
date	24/04/2020
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pensions: Advisory Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what discussions she has had with the Financial Conduct Authority (FCA) on when the FCA plans to (a) publish and (b) implement regulations directing pension savers to Pension Wise when they choose to access their pension savings.
tabling member constituency	Bermondsey and Old Southwark
tabling member printed	Neil Coyle
uin	39556
answer	answer is ministerial correction date of answer 04/05/2020 answer text <p>The Secretary of State has not personally had discussions with the FCA in relation to this matter, however senior officials at the FCA, DWP and MaPS are working closely together on this and will continue to do so.</p><p>Existing Financial Conduct Authority (FCA) rules require firms to signpost to their customers the availability of pensions guidance via Pensions Wise. These include, for example, rules requiring firms to issue wake-up packs, designed to be one of the main sources of information for consumers about their options for accessing their pension savings.</p><p>Furthermore, the Money and Pension Service (MaPS) has undertaken trials to gather evidence on the possible ways to help encourage more people to take Pension Wise guidance before accessing their pension, fulfilling the requirement upon Government and the FCA set out in the Financial Guidance and Claims Act 2018.</p><p>MaPS, with Behavioural Insights Team (BIT) will publish an evaluation report of the trials in Summer 2020. We will use the evidence provided from the trials to help inform and assess the impact of the trials and conduct a consultation prior to implementing any regulations. For the FCA this also includes a duty to consult on the proposed rules. The due processes that DWP must take to lay regulations and the FCA must take to make rules will be followed.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 04/05/2020 15:42:03 answering member 4142 label Biography information for Guy Opperman
tabling member	4368 label Biography information for Neil Coyle

1188574

registered interest
date	20/04/2020
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pensions: Advisory Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, if the Money and Pensions Service will publish a report on the behavioural trials it has conducted on nudging savers towards pensions guidance.
tabling member constituency	Bermondsey and Old Southwark
tabling member printed	Neil Coyle
uin	37704
answer	answer is ministerial correction date of answer 24/04/2020 answer text <p>The Money and Pension Service (MaPS) has undertaken trials to gather evidence on the best way to encourage more people to take Pension Wise guidance before accessing their pension, fulfilling the requirement set out in the Financial Guidance and Claims Act 2018. MaPS appointed an independent contractor, the Behavioural Insights Team (BIT), to design, run, and evaluate the nudge to pension guidance trials. MaPS, with BIT will publish an evaluation report of the trials in Summer 2020.</p><p>We will not pre-empt the results of the trials. We believe it is essential to use the evidence base that the trials on a stronger nudge to guidance will help to provide, to assess the impact of the trial results when they are available and co.nduct a consultation prior to implementing any regulations.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 37705 question first answered 24/04/2020 12:43:01 answering member 4142 label Biography information for Guy Opperman
tabling member	4368 label Biography information for Neil Coyle

1188575

registered interest
date	20/04/2020
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pensions: Advisory Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what assessment she has made of implications for her policies of the results of the behavioural trials led by the Money and Pensions Service to encourage people to take guidance from Pension Wise before accessing their pension savings.
tabling member constituency	Bermondsey and Old Southwark
tabling member printed	Neil Coyle
uin	37705
answer	answer is ministerial correction date of answer 24/04/2020 answer text <p>The Money and Pension Service (MaPS) has undertaken trials to gather evidence on the best way to encourage more people to take Pension Wise guidance before accessing their pension, fulfilling the requirement set out in the Financial Guidance and Claims Act 2018. MaPS appointed an independent contractor, the Behavioural Insights Team (BIT), to design, run, and evaluate the nudge to pension guidance trials. MaPS, with BIT will publish an evaluation report of the trials in Summer 2020.</p><p>We will not pre-empt the results of the trials. We believe it is essential to use the evidence base that the trials on a stronger nudge to guidance will help to provide, to assess the impact of the trial results when they are available and co.nduct a consultation prior to implementing any regulations.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 37704 question first answered 24/04/2020 12:43:01 answering member 4142 label Biography information for Guy Opperman
tabling member	4368 label Biography information for Neil Coyle