Pensions Minister 'champions' mid-life MOT
01 May 2018
With a rising state pension age and many more people living to 100, there is a greater need to plan and prepare for your future life than ever before.
50 will increasingly become the halfway point and an important time to take stock, reflect and plan for the decades ahead. It’s important to think about how we will fund our future years, when and how we will work and retire and how we will spend our time.
Following John Cridland’s independent review on state pension age that was published last year were several recommendations for government to consider to help people to save later In life. One of these suggestions was the idea of a mid-life MOT. This concept is a point in people’s lives, roughly in their 50s, where they would be given help with the lifestyle choices which determine their financial position.
Cridland recommended that this would be in the shape of a web-based tool that connects to people through the pension dashboard. It would provide financial guidance and lifestyle diagnostic help to address the fundamental questions people face. This lifestyle and employment help would be in the shape of careers guidance from either employers or the government’s National Careers Service.
Professional adviser reports that there has been a mixed response, but Guy Opperman, pensions and financial inclusion minister recently spoke at the Association of British Insurers (ABI) event on 26 April and said the mid-life MOT was an idea he was "championing".