Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps her Department is taking to ensure that people over the age of 50 can access personalised (a) financial and (b) careers advice.

In 2019, the government launched an online Mid-life MOT to encourage individuals to optimise re-skilling prospects and improve health and longer-term financial resilience. The Mid-life MOT acts as a vital prompt to engage more people in planning more actively for later life – both for work and retirement. It provides individuals in their 40s, 50s and 60s with signposting to information and guidance on wealth, work and wellbeing, providing a holistic assessment to ensure that individuals can plan for the later life that they want. We continue to work with organisations, and with employers, on how they can offer the Mid-life MOT.

The government also ensures that all savers have access to free, impartial financial guidance as they approach retirement. Pension Wise, part of the Money and Pension Service (MaPS), is available from age 50 and helps consumers understand their options and make informed decisions when accessing their pension savings. MoneyHelper Pensions, also provided by MaPS, provides guidance on all areas of UK pensions to the public regardless of age.

DWP published its consultation on draft regulations implementing a stronger nudge to pensions guidance in July 2021. These regulations propose requiring occupational pension schemes to ensure that members who wish to access their pension have either received, or opted out of receiving, pensions guidance.