{ "format" : "linked-data-api", "version" : "0.2", "result" : {"_about" : "http://eldaddp.azurewebsites.net/answeredquestions.text?tablingMemberConstituency=Wallasey&max-answer.dateOfAnswer=2019-06-11&max-answer.questionFirstAnswered.=2019-10-08T15%3A47%3A36.653Z", "definition" : "http://eldaddp.azurewebsites.net/meta/answeredquestions.text?tablingMemberConstituency=Wallasey&max-answer.dateOfAnswer=2019-06-11&max-answer.questionFirstAnswered.=2019-10-08T15%3A47%3A36.653Z", "extendedMetadataVersion" : "http://eldaddp.azurewebsites.net/answeredquestions.text?tablingMemberConstituency=Wallasey&_metadata=all&max-answer.dateOfAnswer=2019-06-11&max-answer.questionFirstAnswered.=2019-10-08T15%3A47%3A36.653Z", "first" : "http://eldaddp.azurewebsites.net/answeredquestions.text?_page=0&tablingMemberConstituency=Wallasey&max-answer.dateOfAnswer=2019-06-11&max-answer.questionFirstAnswered.=2019-10-08T15%3A47%3A36.653Z", "hasPart" : "http://eldaddp.azurewebsites.net/answeredquestions.text?tablingMemberConstituency=Wallasey&max-answer.dateOfAnswer=2019-06-11&max-answer.questionFirstAnswered.=2019-10-08T15%3A47%3A36.653Z", "isPartOf" : "http://eldaddp.azurewebsites.net/answeredquestions.text?tablingMemberConstituency=Wallasey&max-answer.dateOfAnswer=2019-06-11&max-answer.questionFirstAnswered.=2019-10-08T15%3A47%3A36.653Z", "items" : [{"_about" : "http://data.parliament.uk/resources/1129985", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1129985/answer", "answerText" : {"_value" : "

The Government recognises that people need the right support and guidance to make decisions that best suit their evolving personal circumstances. That is why the Government introduced Pension Wise, a service provided by the Money and Pensions Service (MAPS) that offers everyone aged 50 and over who has a defined contribution pension, free and impartial guidance on their range of available choices at retirement.<\/p>

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The Financial Conduct Authority (FCA) found in its Retirement Outcomes Review in 2018 that consumer engagement in the retirement market is low and there are low levels of shopping around. As part of remedies to improve this, the FCA has set new requirements for pension providers to send more frequent \u2018wake-up packs\u2019 to their consumers, which include a summary of their open market options.<\/p>

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The Money Advice Service (provided by MAPS) also offers a guaranteed income product comparator tool and is developing a drawdown comparator tool, to make it easier for consumers to compare the different options available to them.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2019-06-10", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-06-10T11:08:05.463Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-05", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Pensioners: Income"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what recent assessment he has made of the ability of consumers to make an informed choice when accessing retirement income products.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/491", "label" : {"_value" : "Biography information for Dame Angela Eagle"} } , "tablingMemberConstituency" : {"_value" : "Wallasey"} , "tablingMemberPrinted" : [{"_value" : "Ms Angela Eagle"} ], "uin" : "260554"} , {"_about" : "http://data.parliament.uk/resources/1129987", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1129987/answer", "answerText" : {"_value" : "

The Financial Conduct Authority (FCA) is the regulator of pensions decumulation products, including drawdown products.<\/p>

<\/p>

The FCA conducted the Retirement Outcomes Review into the retirement income market, publishing the final report in 2018. The final report particularly focused on investment choices and charges in drawdown. As a result of its findings, it is introducing or consulting on a number of remedies to protect consumers from poor outcomes and promote competition in the market. These include the introduction of investment pathways and a requirement for consumers entering drawdown to receive clearer information on charges. The FCA is also currently consulting on extending the remit of Independent Governance Committees (IGCs) to investment pathways.<\/p>

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As the remedies will be a significant intervention in the drawdown market, the FCA plans to conduct a detailed review of the impact of investment pathways one year after implementation to consider how well the remedy is working.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2019-06-10", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-06-10T11:10:53.693Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-05", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Pensions"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what assessment he has made of the adequacy of the regulatory and governance standards in the pensions industry in ensuring that drawdown products are appropriate for consumers.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/491", "label" : {"_value" : "Biography information for Dame Angela Eagle"} } , "tablingMemberConstituency" : {"_value" : "Wallasey"} , "tablingMemberPrinted" : [{"_value" : "Ms Angela Eagle"} ], "uin" : "260555"} , {"_about" : "http://data.parliament.uk/resources/1129988", "AnsweringBody" : [{"_value" : "Department for Work and Pensions"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1129988/answer", "answerText" : {"_value" : "

Pension dashboards are a priority for this government and ensuring they are delivered in the interest of consumers is of the upmost importance to us.<\/p>

<\/p>

That is why the Money and Pensions Service will convene an industry delivery group to oversee the development, delivery and governance of dashboards. On 3 June 2019, the Money and Pensions Service announced that Chris Curry from the Pensions Policy Institute will be the Principal of the industry delivery group, the most senior role within the group. As the Principal, he will identify and agree who in industry will sit on the delivery group to ensure they are best placed to deliver dashboards for the benefit of the consumer. The industry delivery group will be made up of stakeholders from across the industry, consumer groups, regulators and government.<\/p>

Once the industry delivery group is up and running, what we expect to see from them in 2019 is to:<\/p>