Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, with reference to the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) 2015 Post Implementation Review, published on 4 April 2023, what assessment he has made of the potential implications for his Department's policies of the conclusions of that review.

The underpinning policy intent behind these regulations and objectives was to ensure members with safeguarded benefits understood the level of security in retirement provided by such benefits and what the member would lose if they were to exchange them for benefits that can be accessed flexibly.

The Post Implementation Review highlighted that the existing measures remain appropriate and effective. We have however identified that there may be issues with the structure and application of the regulations.

We are currently conducting further work with the Pensions Regulator, the Financial Conduct Authority, and His Majesty’s Treasury to consider if there are possible changes that maintain protection for members and continue to ensure that the intent of the policy is not undermined.

We will be sharing the outcome of this work in due course.