Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps his Department is taking to support pensioners to manage their finances.

The Government recognises that people face important decisions about how to use their pension savings and ensures everyone has access to free, impartial pension guidance through the Money and Pensions Service (MaPS).

Pension Wise, a service delivered through MaPS’ MoneyHelper brand, can help anyone over 50 understand their options for accessing their Defined Contribution pension pots. After entering retirement, ongoing guidance is available through the MoneyHelper website, hotline and webchat. This ranges from budget planners and retirement-specific benefits, to long-term care and debt support.

MoneyHelper also provides support for people who need help with their money matters when someone has died, including specific guidance on pensions and bereavement. This includes how to register a power of attorney.

Furthermore, in November 2023 the Government, in the response to the ‘Helping savers understand their pension choices: supporting individuals at the point of access’ consultation, signalled its intent to place duties on all trustees of occupational pension schemes to offer a decumulation service to support their members with decisions around accessing their pension savings. This includes offering a range of products at an appropriate quality and price.