On the go: The Work and Pensions Committee will examine the options available to savers when they come to access their pensions, which is the second part of its inquiry into pension freedoms.
The MPs will also look at advice and guidance options available to individuals who want to access their pensions, a statement read.
The inquiry into the pension freedoms started in July 2020 by examining pension scams, and a report will be published shortly, the WPC stated.
In a recent Pensions Expert podcast, the committee’s chair, Stephen Timms, argued that the current law governing pension transfers is not fit for purpose and that there are too many bodies involved in handling pension scams.
Regarding the second stage of the inquiry, Timms said: “The freedoms shook up the pensions system five years ago and the dust is still settling.
“For the first part of our inquiry into the pension freedoms we have been hearing about pension scams and the worst outcomes people can face.
“For the next stage of our inquiry, we are looking not only at how people can avoid bad outcomes, but how they can achieve good ones.”
Timms noted that the aim of the pension freedoms was to “give people freedom to make choices about how they access their pension savings”.
“We will be looking at what choices people now have, five years on, and what support they need to make an informed choice,” he concluded.
