Moved by
Lord McKenzie of Luton
30: After Clause 24, insert the following new Clause—
“Pensions guidance: review
The Secretary of State shall, before any regulations under section 333A(2A) of the Financial Services and Markets Act 2000, as inserted by section 24(3) of this Act, come into force—
(a) undertake and publish a review of—
(i) the progress of provisions enabling a person to access a cash balance or other money purchase benefits, and
(ii) the extent to which pension guidance has in practice empowered consumers to make informed and confident choices about their pension arrangements;
(b) introduce arrangements for establishing a research programme to track consumer outcome with respect to the pensions guidance;
(c) review the adequacy of reporting requirements for pension providers;
(d) strengthen safeguards against pension scams through the provision of misleading guidance or advice;
(e) clarify the distinction between pensions guidance and pensions advice;
(f) identify—
(i) the specific risks which consumers may face in the secondary annuity market, and
(ii) any improvements, additional safeguards and resourcing which are required for an extended pensions guidance service to help individuals make decisions in connection with transferring or dealing with the right to payments under an annuity.”