A new report from the Work and Pensions Committee has called on the government to act swiftly to give people more information about pensions.

The report said that pension reforms earlier this year are insufficient and people must have the freedom to make a well-informed choice.

The committee says pension freedom is not yet operating as it should and a lack of regulatory clarity is endangering pension savers.

It says improvements in guidance and advice and crucial to the success of the policy, calling for more anti-scam publicity, stricter reporting requirements for pension providers, a reduction in jargon and complex pricing structures and a clearer distinction between guidance and advice.

There is an urgent need for more research to assess the progress of both the pension freedoms and the Pension Wide guidance service, the committee says.

The report states a number of improvements to Pension Wise which, it says, has had a lower than anticipated take up.

It recommends stronger signposting to the service by pension providers, more personalised guidance incorporating the enquirer's wider financial circumstances, and improvements to the website – including interactive features like an income calculator and a "pensions dashboard" that would allow people to see all their pensions savings in one place.

Frank Field MP, chair of the committee, said: "Reluctance to provide information about how a reform or service is working is rarely is a good sign – and it is difficult for us to make any assessment of progress when no data is forthcoming."

"Good quality, coordinated and accessible guidance and advice will be the best tools to ensure people make the best informed decisions about the retirement savings and protect them from scammers – the government must urgently provide some data and close the gaps that are already apparent."

Malcolm McLean, senior consultant at independent consultancy Barnett Waddingham, endorsed much the committee's report, in particular the need for more data and improved information on scammers.

He said: "Better communication, as the committee has indicated, is a must if people are not to be misled as to what they can and should do."

"I strongly endorse the recommendation that the government provides more anti-scam publicity and introduces stricter reporting requirements for pension providers."

First published 22.10.2015

Lindsay.sharman@wilmingtonplc.com