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1130880
star this property registered interest false remove filter
star this property date less than 2019-06-10more like thismore than 2019-06-10
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
unstar this property hansard heading Occupational Pensions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure that (a) investment choices available to workplace pension customers are regularly reviewed by Independent Governance Committees and (b) those investment choices are aligned with the interests of customers. more like this
star this property tabling member constituency Wallasey more like this
star this property tabling member printed
Ms Angela Eagle more like this
star this property uin 262255 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-13more like thismore than 2019-06-13
star this property answer text <p>The Financial Conduct Authority (FCA) introduced rules in 2015 to require contract-based pension providers to set up independent governance committees (IGCs) to address poor consumer outcomes.</p><p>IGCs have a duty to scrutinise the value for money of the provider’s workplace personal pension schemes, taking into account transaction costs, raising concerns and making recommendations to the provider’s board as appropriate. IGCs have a duty to assess whether all the investment choices available, including default options, are suitable for the interests of consumers.</p><p>In 2016, the FCA reviewed IGCs and found that they were “generally effective” in influencing and advancing cost reductions for members. The review also found that the Independent Project Board’s work in auditing high legacy charges and implementing IGCs had been successful. As a result, a substantial majority of consumers received improved outcomes regarding costs and charges, with 1m consumers receiving reduced costs and charges.</p><p>The FCA has announced that it will undertake a further review of IGCs in 2019/20.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN
262256 more like this
262257 more like this
star this property question first answered
less than 2019-06-13T13:34:39.917Zmore like thismore than 2019-06-13T13:34:39.917Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
491
star this property label Biography information for Ms Angela Eagle more like this
1130881
star this property registered interest false remove filter
star this property date less than 2019-06-10more like thismore than 2019-06-10
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
unstar this property hansard heading Occupational Pensions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, if he will make it his policy that Independent Governance Committees attached to contract-based workplace pensions have a duty to monitor the suitability of the retail fund choices available to scheme members. more like this
star this property tabling member constituency Wallasey more like this
star this property tabling member printed
Ms Angela Eagle more like this
star this property uin 262256 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-13more like thismore than 2019-06-13
star this property answer text <p>The Financial Conduct Authority (FCA) introduced rules in 2015 to require contract-based pension providers to set up independent governance committees (IGCs) to address poor consumer outcomes.</p><p>IGCs have a duty to scrutinise the value for money of the provider’s workplace personal pension schemes, taking into account transaction costs, raising concerns and making recommendations to the provider’s board as appropriate. IGCs have a duty to assess whether all the investment choices available, including default options, are suitable for the interests of consumers.</p><p>In 2016, the FCA reviewed IGCs and found that they were “generally effective” in influencing and advancing cost reductions for members. The review also found that the Independent Project Board’s work in auditing high legacy charges and implementing IGCs had been successful. As a result, a substantial majority of consumers received improved outcomes regarding costs and charges, with 1m consumers receiving reduced costs and charges.</p><p>The FCA has announced that it will undertake a further review of IGCs in 2019/20.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN
262255 more like this
262257 more like this
star this property question first answered
less than 2019-06-13T13:34:39.963Zmore like thismore than 2019-06-13T13:34:39.963Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
491
star this property label Biography information for Ms Angela Eagle more like this
1130882
star this property registered interest false remove filter
star this property date less than 2019-06-10more like thismore than 2019-06-10
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
unstar this property hansard heading Occupational Pensions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment his Department has made of the adequacy of scrutiny by Independent Governance Committees of the retail funds offered within workplace pensions products. more like this
star this property tabling member constituency Wallasey more like this
star this property tabling member printed
Ms Angela Eagle more like this
star this property uin 262257 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-13more like thismore than 2019-06-13
star this property answer text <p>The Financial Conduct Authority (FCA) introduced rules in 2015 to require contract-based pension providers to set up independent governance committees (IGCs) to address poor consumer outcomes.</p><p>IGCs have a duty to scrutinise the value for money of the provider’s workplace personal pension schemes, taking into account transaction costs, raising concerns and making recommendations to the provider’s board as appropriate. IGCs have a duty to assess whether all the investment choices available, including default options, are suitable for the interests of consumers.</p><p>In 2016, the FCA reviewed IGCs and found that they were “generally effective” in influencing and advancing cost reductions for members. The review also found that the Independent Project Board’s work in auditing high legacy charges and implementing IGCs had been successful. As a result, a substantial majority of consumers received improved outcomes regarding costs and charges, with 1m consumers receiving reduced costs and charges.</p><p>The FCA has announced that it will undertake a further review of IGCs in 2019/20.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN
262255 more like this
262256 more like this
star this property question first answered
less than 2019-06-13T13:34:40.01Zmore like thismore than 2019-06-13T13:34:40.01Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
491
star this property label Biography information for Ms Angela Eagle more like this
1130883
star this property registered interest false remove filter
star this property date less than 2019-06-10more like thismore than 2019-06-10
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
unstar this property hansard heading Occupational Pensions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, if his Department will make an assessment of the potential conflict of interests in the business model of vertically integrated companies offering retail investment platforms, asset management and workplace pensions products. more like this
star this property tabling member constituency Wallasey more like this
star this property tabling member printed
Ms Angela Eagle more like this
star this property uin 262258 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-13more like thismore than 2019-06-13
star this property answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to the Member by letter. A copy of the letter will be placed in the Library of the House.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property question first answered
less than 2019-06-13T13:30:26.157Zmore like thismore than 2019-06-13T13:30:26.157Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
491
star this property label Biography information for Ms Angela Eagle more like this
1127531
star this property registered interest false remove filter
star this property date less than 2019-05-20more like thismore than 2019-05-20
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
unstar this property hansard heading Occupational Pensions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Work and Pensions, when she plans to bring forward legislative proposals for the introduction of collective defined contribution schemes. more like this
star this property tabling member constituency Hove more like this
star this property tabling member printed
Peter Kyle more like this
star this property uin 256341 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-23more like thismore than 2019-05-23
star this property answer text <p>This Government has recently published a response to a Collective Defined Contribution schemes consultation, and have engaged extensively with key stakeholders. In this response we have committed to facilitate Collective Defined Contribution schemes and have stated that the Government will bring forward Primary legislation as soon as parliamentary time allows.</p><p> </p><p>The response can be viewed here:</p><p><a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/789051/response-delivering-collective-defined-contribution-pension-schemes.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/789051/response-delivering-collective-defined-contribution-pension-schemes.pdf</a></p> more like this
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property question first answered
less than 2019-05-23T16:15:36.837Zmore like thismore than 2019-05-23T16:15:36.837Z
star this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
4505
star this property label Biography information for Peter Kyle more like this
1127179
star this property registered interest false remove filter
star this property date less than 2019-05-16more like thismore than 2019-05-16
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
unstar this property hansard heading Occupational Pensions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Work and Pensions, when the Government plans to bring forward legislative proposals to provide for collective defined contribution pension schemes. more like this
star this property tabling member constituency East Antrim more like this
star this property tabling member printed
Sammy Wilson more like this
star this property uin 255316 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-24more like thismore than 2019-05-24
star this property answer text <p>This Government has recently published a response to a Collective Defined Contribution schemes consultation, and have engaged extensively with key stakeholders. In this response we have committed to facilitate Collective Defined Contribution schemes and have stated that the Government will bring forward Primary legislation as soon as parliamentary time allows.</p><p> </p><p>The response can be viewed here:</p><p><a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/789051/response-delivering-collective-defined-contribution-pension-schemes.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/789051/response-delivering-collective-defined-contribution-pension-schemes.pdf</a></p> more like this
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property question first answered
less than 2019-05-24T09:23:36.847Zmore like thismore than 2019-05-24T09:23:36.847Z
star this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
1593
star this property label Biography information for Sammy Wilson more like this
1110277
star this property registered interest false remove filter
star this property date less than 2019-04-08more like thismore than 2019-04-08
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
unstar this property hansard heading Occupational Pensions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Work and Pensions, what proportion of people who have benefited from pensions auto-enrolment are (a) women and (b) men. more like this
star this property tabling member constituency Faversham and Mid Kent more like this
star this property tabling member printed
Helen Whately more like this
star this property uin 242219 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-04-16more like thismore than 2019-04-16
star this property answer text <p>10.4 million workers have been automatically enrolled into workplace pension by more than 1.4 million employers. By 2019/20 an estimated extra £18.6 billion a year is estimated to go into workplace pensions as a result of Automatic Enrolment. Automatic Enrolment has reversed the decline in workplace pension saving.</p><p> </p><p>Automatic Enrolment was designed specifically to help groups who historically were poorly served or excluded from workplace pension saving, such as women and lower earners. It is equalising workplace pension participation among eligible men and women. In 2017, 81 per cent of eligible men and 80 per cent of eligible women in the private sector were saving into a workplace pension. This compares with 43 per cent and 40 per cent respectively in the private sector in 2012.</p><p> </p><p>The Government’s 2017 review of Automatic Enrolment <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/668972/print-ready-automatic-enrolment-review-2017-maintaining-the-momentum.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/668972/print-ready-automatic-enrolment-review-2017-maintaining-the-momentum.pdf</a></p><p>set out our ambition for the mid-2020s, with proposals to strengthen financial resilience for traditionally excluded groups including women.</p>
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property question first answered
less than 2019-04-16T11:05:57.763Zmore like thismore than 2019-04-16T11:05:57.763Z
star this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
4527
star this property label Biography information for Helen Whately more like this
1105618
star this property registered interest false remove filter
star this property date less than 2019-03-27more like thismore than 2019-03-27
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
unstar this property hansard heading Occupational Pensions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Work and Pensions, how many people working on the Automatic Enrolment Programme are (a) contingent labour, (b) supplier resource and (c) civil servants. more like this
star this property tabling member constituency Hemsworth more like this
star this property tabling member printed
Jon Trickett more like this
star this property uin 237607 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-04-03more like thismore than 2019-04-03
star this property answer text <p>Automatic Enrolment has transformed workplace pension’s savings. To date, in excess of 10million eligible workers have been automatically enrolled, by over 1.4million employers. A link to the 2017 Automatic Enrolment Review can be found here:</p><p> </p><p><a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/668971/automatic-enrolment-review-2017-maintaining-the-momentum.PDF" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/668971/automatic-enrolment-review-2017-maintaining-the-momentum.PDF</a></p><p> </p><p>The current resourcing is 26 full time equivalent civil servants and this headcount consists of programme management, policy, analytical and stakeholder partnering expertise.</p> more like this
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property question first answered
less than 2019-04-03T16:32:36.227Zmore like thismore than 2019-04-03T16:32:36.227Z
star this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
410
star this property label Biography information for Jon Trickett more like this
1105123
star this property registered interest false remove filter
star this property date less than 2019-03-26more like thismore than 2019-03-26
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
unstar this property hansard heading Occupational Pensions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Work and Pensions, what progress her Department has made on the consultation into legislating for collective defined contribution pension schemes in the UK. more like this
star this property tabling member constituency Coatbridge, Chryston and Bellshill more like this
star this property tabling member printed
Hugh Gaffney more like this
star this property uin 237106 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-04-02more like thismore than 2019-04-02
star this property answer text <p>The Government’s consultation on Collective Defined Contribution schemes closed in January 2019. A formal Government response to the consultation, including a summary of respondents’ views, was published on Monday 18th March and a Written Ministerial Statement was laid before the House (HCWS1422). The consultation response can be found here:</p><p><strong> </strong></p><p><a href="https://www.gov.uk/government/consultations/delivering-collective-defined-contribution-pension-schemes" target="_blank">https://www.gov.uk/government/consultations/delivering-collective-defined-contribution-pension-schemes</a></p><p> </p><p>I am grateful for the comments and support received in response to the consultation, and the Department now intends to move forward with legislating to facilitate single and associated employer Collective Defined Contribution scheme provision as soon as Parliamentary time allows and detailed drafting of the proposed measures has been considered and then actioned.</p> more like this
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property question first answered
less than 2019-04-02T16:27:27.267Zmore like thismore than 2019-04-02T16:27:27.267Z
star this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
4614
star this property label Biography information for Hugh Gaffney more like this
1087137
star this property registered interest false remove filter
star this property date less than 2019-03-12more like thismore than 2019-03-12
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
unstar this property hansard heading Occupational Pensions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment he has made of the effectiveness of the Financial Conduct Authority in protecting people transferring out of pensions schemes. more like this
star this property tabling member constituency Aberavon more like this
star this property tabling member printed
Stephen Kinnock more like this
star this property uin 231500 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-03-15more like thismore than 2019-03-15
star this property answer text <p>Assessing the harm caused by unsuitable pension transfer advice and identifying the most effective ways to reduce it is a key priority for the Financial Conduct Authority (FCA).</p><p> </p><p>Last year, the FCA issued new rules and guidance on improving the quality of pension transfer advice. These provide advisers with a framework to better enable them to give good quality advice so that consumers can make better informed decisions.</p><p> </p><p>In December 2018, the FCA concluded a review on pension transfer advice which reviewed the suitability of the advice. The FCA has also requested data from every firm with permission to advise on defined benefit (DB) pension transfers to provide a complete picture on the market. Following the analysis of this information, the FCA will begin a wide-ranging programme of activity with firms in 2019.</p><p> </p><p>In addition to this, the FCA and The Pensions Regulator published a joint strategy in October 2018 which includes a workstream on improving member and consumer outcomes from DB pension transfers.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property question first answered
less than 2019-03-15T08:21:28.32Zmore like thismore than 2019-03-15T08:21:28.32Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4359
star this property label Biography information for Stephen Kinnock more like this