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The People’s Pension has supported the main findings of a report into workplace pensions reform by the Work and Pensions Select Committee.
The Select Committee, which comprises MPs from across the political spectrum chaired by Dame Anne Begg MP, has called for a single regulator for pensions, and independent pensions commission and a pensions dashboard where people can access their pension savings in one place online.
These findings chime with views that The People’s Pension has held for some time. We are especially keen on the idea of a pensions dashboard, which we believe could give savers real control over their own savings.
Darren Philp, Director of Policy & Market Engagement at The People’s Pension, said:
“This is a welcome report which highlights many of the key issues for savers, employers and pension providers.
“We are pleased that the Select Committee continues to support a single regulator. The lack of a joined up approach and the conflicting messages from the FCA and The Pensions Regulator in recent days around the freedom and choice agenda demonstrate the need for more joined up regulation.
“The Select Committee is also right to call for an independent pensions commission. There is a strong case for an independent Office of Pensions Responsibility – OFPEN – to oversee the pensions market and make recommendations on long-term sustainability issues, such as the State Pension Age.”
On the Select Committee’s call for a pensions dashboard:
“The Select Committee has added its voice to the growing chorus in favour of a pensions dashboard. We are more convinced than ever that a pensions dashboard is absolutely essential for the long term success of auto-enrolment, pensions freedom, the guidance guarantee and small pot consolidation.”