Consultation outcome

Early access to pension savings

This consultation has concluded

Download the full outcome

Early access to pension savings: a summary of responses to the call for evidence

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Detail of outcome

Over 100 responses were received following the call to evidence, with more than 60 from organisations, including major pension providers and schemes, consumer bodies, think tanks and other financial service providers, and nearly 50 individual responses

Original consultation

This consultation ran from 13 December 2010 12:00am to
25 February 2011 11:45pm

Summary

Seeking views on early access to pension savings.

Documents

Call for evidence on early access to pension savings (PDF 349KB)

This file may not be suitable for users of assistive technology. Request a different format.

If you use assistive technology and need a version of this document in a more accessible format please email editor@hmtreasury.gsi.gov.uk quoting your address, telephone number along with the title of the publication ("Call for evidence on early access to pension savings (PDF 349KB)").

Consultation description

The Government pledged to explore the potential to give people greater flexibility in accessing part of their private pension fund early.  This reflects the Government’s commitment to considering ways to boost individual saving, and foster a culture of personal responsibility, particularly in encouraging saving for retirement. 

The call for evidence set out the existing arguments that suggest early access to pension savings could provide an effective incentive for individuals to start saving or save more into a pension, and also outlined some of the different models for how early access could potentially be offered. 

The Government asked for representations and evidence on the possible benefits and risks of any early access reform and also on whether current pensions tax rules could be made more flexible for individuals with small pension pots.

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