The Department for Work and Pensions (DWP) will take responsibility for Pension wise within the financial year, the work and pensions select committee has been told.
The economic secretary to the Treasury Harriet Baldwin revealed the development during a hearing into the guidance and advice people receive at retirement.
Pension wise, which was launched this year to provide guidance on the newly introduced retirement flexibilities, is currently on the Treasury's remit.
Baldwin said: "We will be moving oversight of Pension wise in line with your recommendation to the DWP this financial year."
Former pensions minster Steve Webb (pictured above) welcomed the move on twitter.
He tweeted: "HMT doesn't see itself as a 'delivery department', so DWP is logical home; will need close links with FCA though."
Treasury director of financial services Gwyneth Nurse added that the department would look to improve and develop Pension wise to "make it more personal to each individual".
Aegon regulatory strategy director Steven Cameron said lessons could be learned from Pension wise and applied to the Financial Advice Market Review being carried out by the FCA. "The Financial Advice Market Review should consider if there are lessons to be learnt from Pension wise including how it integrates with advice and if consumers might benefit from other parties offering similar guidance services."
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