Pensions & savings
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Wealth & assets

Parliamentary Briefing: Second Reading of the Pensions Bill 2007, the House of Commons

Patrick Stevens
Patrick Stevens

This briefing presents the Foundation’s evidence to the House of Commons for the Second Reading of the Pensions Bill. We argue that the Government’s reforms to the pensions system provide an opportunity to significantly improve retirement income and security for pensioners. 

Key findings

  • Developing an effective advice regime is therefore essential to support the reforms and, in particular, to meet the Government’s goal of promoting personal responsibility. This means going beyond the provision of information to deliver advice that enables people to understand their pension choices alongside their wider financial decisions and circumstances. The key to achieving this is to increase access to generic financial advice.
  • This analysis is supported by the Treasury, the Work and Pensions Select Committees and the Pensions Policy Institute. The Resolution Foundation has developed proposals to deliver generic financial advice to people on low to moderate incomes and published research highlighting the significant benefits this could deliver to consumers and the Government. The Pensions Bill’s parliamentary stages provide an important opportunity to debate the role of generic financial advice in supporting pension reform and how it should be delivered.

Further reading

Inequality control
Why wealth inequality has not increased while asset prices have soared and what that means for the future
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Simon Pittaway
Perfectly adequate?
Revisiting pensions adequacy 20 years after the Pensions Commission
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Molly Broome, Ian Mulheirn
Calculating a Living Pension: the 2024 update
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Molly Broome
Patrick Stevens
Patrick Stevens Trustee