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Why the government wants to provide a ‘mid-life MOT’ for your finances

Pensions minister Guy Opperman talks exclusively to Which? about this new initiative

Why the government wants to provide a ‘mid-life MOT’ for your finances

The government plans to introduce a ‘financial MOT’ to help you assess your finances years before you reach retirement, pensions minister Guy Opperman has told Which? in an exclusive interview.

Mr Opperman, the member of Parliament for Hexham, sat down with us to answer Which? members’ questions on pensions and retirement. You can see part one of our interview with the minister here.

Next year, the government is backing the launch of a ‘pensions dashboard’ – an online portal that allows you to see all of your pensions in one place.

People planning their retirement already get access to free guidance before they retire, through a service called ‘Pension Wise’.

But Mr Opperman wants to take this further. He’s advocating an earlier intervention, allowing people in their forties to get a financial healthcheck so that they can prepare their finances for the final decades of work.

We asked the pensions minister how that would work – and how he is ensuring that the pensions dashboard really transforms the way people interact with their retirement savings.

The pensions minister on the new ‘mid-life MOT’

More from our interview with Guy Opperman

Check back to which.co.uk later this week to see the third part of our interview with pensions minister Guy Opperman, where he discusses what action the government is taking to ensure people’s pensions are safe – and they aren’t left vulnerable to scammers.

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