Gregg McClymont – 2014 Parliamentary Question to the Department for Work and Pensions

The below Parliamentary question was asked by Gregg McClymont on 2014-03-26.

To ask the Secretary of State for Work and Pensions, what assessment he has made of the effect of the planned changes to pensions on retirement incomes from private and workplace pensions.

Steve Webb

The government believes people should be trusted to make their own choices about how to use their savings to fund their retirement. These measures fundamentally change the way that people can access their retirement savings, and therefore people are free to vary the mix of income and capital they hold in retirement.

Alongside these changes, the government is taking measures to ensure everyone approaching retirement is aware of the choices they have. Pension providers and schemes will be required, by April 2015, to offer all individuals retiring with a defined contribution pension pot free and impartial face-to-face guidance on their retirement choices.