Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, pursuant to Question 5041 on 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 steps his Department is taking to tackle the disproportionate response to low-risk pension transfers noted in the last paragraph of that Review.

Whilst conducting the statutory review of the requirement DWP determined the original intention, ensuring members are aware of the benefits they may be giving up by transferring their pension assets to schemes with flexible benefits still applies.

DWP continues to engage with His Majesty’s Treasury (HMT), the Financial Conduct Authority (FCA) and the Pensions Regulator (TPR) to determine if there are alternative ways to deliver the protections that smooth the process.