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Written question asked by Ian Blackford (Scottish National Party) on Friday, 4 December 2015, in the House of Commons. It was due for an answer on Tuesday, 8 December 2015. It was answered by Justin Tomlinson (Conservative) on Monday, 14 December 2015 on behalf of the Department for Work and Pensions.

Pensioners: Government Assistance

Question

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

Answer

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.

Secondary information

Type
Written question
Reference
18822
Session
2015-16
Subjects
Government assistance Pensioners Pensions
Link
View this Written question on www.parliament.uk