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Personal Accounts: Advisory Services

Volume 470: debated on Friday 25 January 2008

To ask the Secretary of State for Work and Pensions what steps his Department has taken to establish a strategy for providing advice and information on personal accounts. (178292)

Information about personal accounts will be provided, as with other pension schemes, by the scheme itself. We are also considering what general information will be needed by all those auto-enrolled, whether into personal accounts or another pension scheme.

We already produce information on retirement planning, alongside a number of other organisations, such as the Citizens Advice Bureau, the Pensions Advisory Service and the Financial Services Authority. We have a programme of research underway, the results of which will be published, to establish what more might be needed.

The Thoresen Review, and the Government’s action plan on financial capability, will assess the need to add to the services on offer. We will work with these and other organisations to ensure that a range of information and help is available to those who are making decisions about their retirement.