WPC requests inquiry evidence from Treasury

Work and Pensions Committee (WPC) chair, Stephen Timms, has written to the Treasury to request written evidence on the third and final part of its inquiry into pension freedoms, examining saving in later life.

The WPC inquiry was launched in December 2021, and will consider issues around auto-enrolment, gender inequalities, retirement income targets and guidance and advice, as well as looking at the support available for self-employed workers and gig-economy workers.

Timms stated: “The committee has asked me to write to you because our inquiry covers areas in which the Treasury will have an interest, including the 2017 automatic enrolment review in which Department for Work and Pensions set out measures to increase pension contributions—intended to be implemented in the mid-2020s.

“As we near the mid-2020s it is still unclear when and how those measures will be introduced.”

In addition to this, Timms noted that the committee will also be looking at the gender pensions gap, pensions for the self-employed and pensions for gig economy workers.

He also flagged that there are Treasury-specific issues being considered in the inquiry, including tax relief for low earners in ‘net pay’ arrangements, the normal minimum pension age and the pensions freedoms themselves.

“The committee would therefore like to request that the Treasury submits written evidence to our inquiry, so that we have a full understanding of the government’s approach to these issues,” he said. “We would be grateful for this no later than 15 March”.

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