Experts providing oral evidence to the committee’s ‘Protecting pension savers – five years on from the pension freedoms’ inquiry said Pension Wise should be given an expanded role, with an “auto-booking system” touted as a solution to low uptake levels. 

Separately, the committee heard that much more work needs to be done to ensure members understand the “fundamentals” of collective defined contribution schemes, the worst examples of which resembled “Ponzi schemes”, one panellist said.

The problem our member firms have is there’s no clear boundary of the definition between advice and guidance. And even the FCA said this is impossible to define a couple of years ago

Renny Biggins, The Investing and Saving Alliance

Pension Wise and the ‘midlife MOT’

Asked by committee chair Stephen Timms to set out the kind of information people need to make good decisions, and who should provide it, Chris Brooks, head of policy…

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