Pensions & savings
·
Wealth & assets

Submission: Pensions White Paper response

Patrick Stevens
Patrick Stevens

This briefing presents the Foundation’s response to the Government’s Pensions White Paper. It explains that we welcome the chance to respond to the Government’s proposals to reform pension provision in the UK, considering this is a vital area of policy and we applaud the thrust of the proposals to make access to retirement saving easier for people on low incomes.

Key findings

  • The Foundation is currently focusing on how people on low incomes access and use the financial services system.
  • There is a common focus on the lower income demographic between the Resolution Foundation and the Pensions White Paper proposals. While the White Paper stresses the importance of enabling people to make informed decisions about their pensions, it is unclear about how this will be achieved.
  • This response argues that the proposals must be underpinned by a national advice resource providing generic financial advice targeted at people in this income group if the White Paper is to achieve its policy aims.

Further reading

Ineffective Savings Accounts
·
Molly Broome
In too deep?
The impact of the cost of living crisis on household debt
·
Felicia Odamtten, Simon Pittaway
Precautionary tales
Tackling the problem of low saving among UK households
·
Molly Broome, Ian Mulheirn, Simon Pittaway
Patrick Stevens
Patrick Stevens Trustee