Pensions (Hansard, 7 September 2004)

§ Malcolm Wicks

Through our Informed Choice¹ programme, we are delivering a range of initiatives which help to break down the barriers people, including young people, often experience in planning ahead for their financial future in retirement. We are making people aware of their options and ensuring they have the right information at the right time, together with the basic financial awareness and skills, to help them make appropriate choices. The range of initiatives include measures to: maximise workplace pensions savings, provide personalised information about an individuals forecasted state and occupational/private pension positions, working with employers to provide information and advice in the workplace, and introducing a new web-based retirement planner.

The Government cannot promote or provide advice about financial products for pensions saving but we want all people, including young people, to be confident about making their own informed choices about working and saving for retirement. They can only do so if they have acquired basic financial awareness and skills to help them interpret the information and advice available to them.

The national Financial Capability Strategy, led by the Financial Services Authority and set out in two recent FSA documents² is working to address the financial education, information and advice needs, including those related to saving for retirement, for all groups, including young people.

In addition, Government information about pensions is already available to everyone, including young people, from the Pensions Service and the Financial Services Authority, via their websites and/or telephone helplines, leaflets and publications.

¹Command paper, Simplicity, Security and Choice: Informed Choices for Working and Saving. ²Towards a National Strategy for Financial Capability, November 2003 and Building Financial Capability in the UK, May 2004.