MPs vote down Pension Schemes Bill automatic guidance amendment

The amendment was tabled by work and pensions committee chair Stephen Timms ahead of the yesterday's House of Commons debate on the bill. It was co-signed by Conservative and SNP MPs, giving it cross-party support. Supporters include Nigel Mills, Richard Thomson, Neil Gray and former pensions minister Angela Eagle. However, the amendment was defeated by 89 votes. Speaking during the debate, Timms said the amendment had been tabled to increase the numbers of people taking guidance when accessing their retirement savings using pension freedom, which revolutionised pensions access whe...