Ian Blackford – 2015 Parliamentary Question to the Department for Work and Pensions

The below Parliamentary question was asked by Ian Blackford on 2015-12-04.

To ask the Secretary of State for Work and Pensions, what guidance and advice his Department provides for pensioners who exhaust their pension pots.

Justin Tomlinson

Government has created the foundation for saving via automatic enrolment and the State Pension reforms. The new State pension is there to provide a good basic level of income in retirement. The Government is encouraging saving and allowing people to access their pensions in a way that suits them.

DWP is committed to providing security for working people at every stage of their lives, and that includes giving people the chance to plan for a financially secure retirement.

The Government recognises that people need support which is why it set up Pension wise. Pension Wise is the Government’s free, impartial retirement guidance service which helps members by giving guidance on different options available to them. Part of the Pension wise guidance is stressing the need to consider the need for lifetime income to minimise the risk of running out. This service is not intended to replicate or replace the need for professional financial advice which some people should take.

People can also turn to Money Advisory Service (MAS) and Citizens Advice Bureau for support if they are struggling with debt and need help to manage their finances.