PARLIAMENTARY WRITTEN QUESTION
(3 January 2025)

To ask the Secretary of State for Work and Pensions, with reference to her Department's guidance entitled Pension freedoms and DWP benefits, published on 27 March 2015, what assessment she has made of the impact of that policy on defined contribution pension savers.

Asked by:
John Milne (Liberal Democrat)

The Government is committed to enabling savers to achieve security in retirement. We’ve announced as part of the King’s Speech that the Pensions Bill will include measures to give savers the benefit of guided retirement products, with a retirement income; this will change the experience of Defined Contribution savers as our approach would provide a secure income over retirement as a default, unless the member chooses something different.

We have also committed to assess adequacy for future savers as part of the second phase of the pensions review. We closely monitor the decumulation decisions of Defined Contribution savers. This has included research on retirement planning and decumulation decisions, such as Planning and Preparing for Later Life and analysis of Pensions Freedoms.

Planning and Preparing for Later Life - GOV.UK

Pension Freedoms: a qualitative research study of individuals’ decumulation journeys - GOV.UK

Answered by:
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