The Pensions Regulator is urging trustees to offer members a ‘midlife MOT’, to help with future retirement planning.
It says schemes should make the most of the resources now available via the Department of Work and Pension’s new digital Midlife MOT, which brings together services and tools from a number of independent bodies — including MoneyHelper, Citizens Advice, Mind and the NHS, as well as its own pension planning information. These are designed to help individuals review their current health, wealth and employment options, while planning for the future.
TPR’s director of regulatory policy, analysis and advice Louise Davey says: “The launch of the new digital resource comes when the spotlight is being thrown on how schemes should support savers when they access their defined contribution pensions.
“In our joint review of the pensions consumer journey with the Financial Conduct Authority we set out our support for the Midlife MOT because we know that pensions cannot be seen in isolation: levels of saving and debt, day-to-day household finances, how long people plan, need or want to work, all need to be factored in as we live longer.
“That planning should start sooner rather than later. Taking the Midlife MOT should be seen as an essential part of the pensions journey.”
TPR has provided more information in a blog for schemes on how they can share the resources available within the Midlife MOT with members.
Davey adds: “DWP has announced measures for consultation, to see savers supported to make good decisions on using their pension pots for their retirement, involving a larger and more central role for occupational pension schemes in providing decumulation products and services.
“All pension savers deserve value for their money, and that means being supported into high-quality decumulation products and services that are right for their personal circumstances.”
