MPs to probe ‘moving goalposts’ of state pension reform

Frank Field MP

The Work and Pensions committee is to follow its investigation of the retirement freedoms with a new inquiry into the state pension reforms.

The committee says it is worried those close to retirement in particular may not understand the new system, having done most of their planning under the previous rules.

It also raises concerns those with less than 10 years of National Insurance contributions will no longer receive any pension, and that people will no longer be able to count on a percentage of their spouse’s pension after their death.

The inquiry will seek to establish how the Department for Work and Pensions is providing information on the changes, and whether workplace pension schemes could play a greater role in signposting to information.

It will also look at the impact on women born between 1951 and 1953, who previously would have been able to retire at age 60, but have seen their new state pension age increase.

Committee chairman Frank Field says: “There is a sense that Government has somewhat moved the goalposts in retirement savings without providing enough information about what are, in the end, complex changes, and a risk that some people may face a shock when they come to claim their pension.

“It is important that groups most affected by the changes receive targeted communications that highlight the options available to them.”