In July 2015, the newly appointed House of Commons Work and Pensions Committee launched an Inquiry into the guidance and advice on offer to people navigating the “choice and flexibility” changes to pensions introduced in April of this year.
The Committee was investigating whether people are adequately supported in making good, informed decisions about their retirement savings in light of the changes on access to pensions and pension drawdown, introduced in April 2015.
The reforms gave people more freedom in choosing what to do with their retirement savings. The Work and Pensions Committee, therefore, invited written evidence on:
- take-up, suitability, affordability and independence of the advice, guidance and information available to those approaching retirement
- recommendations for improvement.