DWP will oversee Pension Wise guidance

Responsibility for Pension Wise, the guidance service on defined contribution pension options, will move from the Treasury to the Department for Work and Pensions.

 

Frank Field MP, chair of the House of Commons work and pensions committee, said: “Our predecessor committee saw that it made sense for the department responsible for pensions to oversee this important service providing guidance on the new pensions options. We are glad that the Treasury agrees and we welcome this move. It will be important that the department maintains close links with the FCA to monitor the progress of the reforms. We will be keeping an eye on this over the course of the parliament.”