A Work and Pensions Committee report calls on Government and regulators to play more active role in supporting savers to make better decisions about their money.

The Government should commit to trial of automatic Pension Wise guidance appointments and set a target of at least 60% needed to boost uptake of pensions guidance and advice

Automatic appointments with the Pension Wise service should be trialled as part of a renewed commitment from the Government to support people to make better decisions in retirement, MPs say today, with the pension freedoms at risk of being seen as a failure unless savers start receiving proper guidance.

The report on accessing pension savings from the Work and Pensions Committee concludes that although the extra freedoms introduced in 2015 have on balance been a success, many savers need more support than they currently receive.

During its inquiry, the Committee was told by the Financial Conduct Authority (FCA) that consumers describe pensions as a ‘minefield’ with even those who felt financially confident in other aspects of their lives struggling to understand how pensions work.

Pension Wise was established to provide the ‘guidance guarantee’ which was presented by the Government as a key pillar of the introduction of the pension freedoms, but the Committee concludes that, although it offers a good service, not enough people use it.

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