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1002198
star this property registered interest false remove filter
star this property date less than 2018-11-05more like thismore than 2018-11-05
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
star this property hansard heading Occupational Pensions remove filter
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government, further to the Written Answer by Baroness Buscombe on 31 October (HL10751), what assessment they have made of the obligations on (1) employers, and (2) pension schemes to report failures to pay correct contributions, regardless of whether the errors are large or small; and whether there is a definition of what contributes a material error. more like this
star this property tabling member printed
Baroness Altmann more like this
unstar this property uin HL11219 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 2018-11-12more like thismore than 2018-11-12
star this property answer text <p>Government has put in place a robust, proportionate, compliance framework for automatic enrolment which ensures that the vast majority of employers are meeting their legal duties, including: declaring compliance, accurately paying contributions and passing contributions to their chosen pension scheme. This framework is backed by statutory powers which enable the Regulator to compel compliance with the law.</p><p>Employers, trustees, managers and providers must keep records including details of the pension contributions payable in each relevant pay reference period by an employer to the scheme, and the amount payable. This includes the contributions due on the employer’s behalf and deductions made from an individual’s earnings.</p><p>The Pensions Regulator (TPR) has published codes of practice on its website setting out how trustees of defined contribution pension schemes and managers of personal pension schemes should monitor the payment of contributions, provide information to help members check their contributions and report material payment failures to TPR. The codes set out what is considered a material breach, specifically: paragraphs 173 and 174 of Code 3; paragraphs 46 and 47 of Code 5; paragraphs 48 and 49 of Code 6; and paragraphs 173 to 186 of Code 14.</p><p>In addition, TPR publishes regular assessments of its automatic enrolment compliance and enforcement activities as well as an annual commentary and analysis report, both of which are available on its website.</p>
star this property answering member printed Baroness Buscombe more like this
star this property grouped question UIN
HL11220 more like this
HL11221 more like this
HL11222 more like this
star this property question first answered
less than 2018-11-12T16:59:44.703Zmore like thismore than 2018-11-12T16:59:44.703Z
unstar this property answering member
3349
star this property label Biography information for Baroness Buscombe more like this
star this property tabling member
4533
star this property label Biography information for Baroness Altmann more like this
1002199
star this property registered interest false remove filter
star this property date less than 2018-11-05more like thismore than 2018-11-05
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
star this property hansard heading Occupational Pensions remove filter
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what estimate they have made of the amount of auto-enrolment pension contributions which are incorrect. more like this
star this property tabling member printed
Baroness Altmann more like this
unstar this property uin HL11220 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 2018-11-12more like thismore than 2018-11-12
star this property answer text <p>Government has put in place a robust, proportionate, compliance framework for automatic enrolment which ensures that the vast majority of employers are meeting their legal duties, including: declaring compliance, accurately paying contributions and passing contributions to their chosen pension scheme. This framework is backed by statutory powers which enable the Regulator to compel compliance with the law.</p><p>Employers, trustees, managers and providers must keep records including details of the pension contributions payable in each relevant pay reference period by an employer to the scheme, and the amount payable. This includes the contributions due on the employer’s behalf and deductions made from an individual’s earnings.</p><p>The Pensions Regulator (TPR) has published codes of practice on its website setting out how trustees of defined contribution pension schemes and managers of personal pension schemes should monitor the payment of contributions, provide information to help members check their contributions and report material payment failures to TPR. The codes set out what is considered a material breach, specifically: paragraphs 173 and 174 of Code 3; paragraphs 46 and 47 of Code 5; paragraphs 48 and 49 of Code 6; and paragraphs 173 to 186 of Code 14.</p><p>In addition, TPR publishes regular assessments of its automatic enrolment compliance and enforcement activities as well as an annual commentary and analysis report, both of which are available on its website.</p>
star this property answering member printed Baroness Buscombe more like this
star this property grouped question UIN
HL11219 more like this
HL11221 more like this
HL11222 more like this
star this property question first answered
less than 2018-11-12T16:59:44.737Zmore like thismore than 2018-11-12T16:59:44.737Z
unstar this property answering member
3349
star this property label Biography information for Baroness Buscombe more like this
star this property tabling member
4533
star this property label Biography information for Baroness Altmann more like this
1002200
star this property registered interest false remove filter
star this property date less than 2018-11-05more like thismore than 2018-11-05
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
star this property hansard heading Occupational Pensions remove filter
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they intend to introduce reporting requirements to monitor accuracy of auto-enrolment pension contribution records on an annual basis; and if so, what those requirements will be. more like this
star this property tabling member printed
Baroness Altmann more like this
unstar this property uin HL11221 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 2018-11-12more like thismore than 2018-11-12
star this property answer text <p>Government has put in place a robust, proportionate, compliance framework for automatic enrolment which ensures that the vast majority of employers are meeting their legal duties, including: declaring compliance, accurately paying contributions and passing contributions to their chosen pension scheme. This framework is backed by statutory powers which enable the Regulator to compel compliance with the law.</p><p>Employers, trustees, managers and providers must keep records including details of the pension contributions payable in each relevant pay reference period by an employer to the scheme, and the amount payable. This includes the contributions due on the employer’s behalf and deductions made from an individual’s earnings.</p><p>The Pensions Regulator (TPR) has published codes of practice on its website setting out how trustees of defined contribution pension schemes and managers of personal pension schemes should monitor the payment of contributions, provide information to help members check their contributions and report material payment failures to TPR. The codes set out what is considered a material breach, specifically: paragraphs 173 and 174 of Code 3; paragraphs 46 and 47 of Code 5; paragraphs 48 and 49 of Code 6; and paragraphs 173 to 186 of Code 14.</p><p>In addition, TPR publishes regular assessments of its automatic enrolment compliance and enforcement activities as well as an annual commentary and analysis report, both of which are available on its website.</p>
star this property answering member printed Baroness Buscombe more like this
star this property grouped question UIN
HL11219 more like this
HL11220 more like this
HL11222 more like this
star this property question first answered
less than 2018-11-12T16:59:44.78Zmore like thismore than 2018-11-12T16:59:44.78Z
unstar this property answering member
3349
star this property label Biography information for Baroness Buscombe more like this
star this property tabling member
4533
star this property label Biography information for Baroness Altmann more like this
1002201
star this property registered interest false remove filter
star this property date less than 2018-11-05more like thismore than 2018-11-05
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
star this property hansard heading Occupational Pensions remove filter
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they intend to put procedures in place to (1) monitor error rates in auto-enrolment contribution records, and (2) assess the proportion of schemes which have taken steps to correct those errors. more like this
star this property tabling member printed
Baroness Altmann more like this
unstar this property uin HL11222 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 2018-11-12more like thismore than 2018-11-12
star this property answer text <p>Government has put in place a robust, proportionate, compliance framework for automatic enrolment which ensures that the vast majority of employers are meeting their legal duties, including: declaring compliance, accurately paying contributions and passing contributions to their chosen pension scheme. This framework is backed by statutory powers which enable the Regulator to compel compliance with the law.</p><p>Employers, trustees, managers and providers must keep records including details of the pension contributions payable in each relevant pay reference period by an employer to the scheme, and the amount payable. This includes the contributions due on the employer’s behalf and deductions made from an individual’s earnings.</p><p>The Pensions Regulator (TPR) has published codes of practice on its website setting out how trustees of defined contribution pension schemes and managers of personal pension schemes should monitor the payment of contributions, provide information to help members check their contributions and report material payment failures to TPR. The codes set out what is considered a material breach, specifically: paragraphs 173 and 174 of Code 3; paragraphs 46 and 47 of Code 5; paragraphs 48 and 49 of Code 6; and paragraphs 173 to 186 of Code 14.</p><p>In addition, TPR publishes regular assessments of its automatic enrolment compliance and enforcement activities as well as an annual commentary and analysis report, both of which are available on its website.</p>
star this property answering member printed Baroness Buscombe more like this
star this property grouped question UIN
HL11219 more like this
HL11220 more like this
HL11221 more like this
star this property question first answered
less than 2018-11-12T16:59:44.8Zmore like thismore than 2018-11-12T16:59:44.8Z
unstar this property answering member
3349
star this property label Biography information for Baroness Buscombe more like this
star this property tabling member
4533
star this property label Biography information for Baroness Altmann more like this
166087
star this property registered interest false remove filter
star this property date less than 2014-11-25more like thismore than 2014-11-25
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
star this property hansard heading Occupational Pensions remove filter
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty’s Government whether they are measuring the impact of auto-enrolment on fees charged by the investment management industry; and what plans they have to track any changes. more like this
star this property tabling member printed
Lord Mendelsohn more like this
unstar this property uin HL3145 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 2014-12-08more like thismore than 2014-12-08
star this property answer text <p /> <p>The Government’s Command Paper, ‘Better Workplace Pensions: Further measures for savers’, published in March, set out a range of measures including a cap on charges in default fund arrangements, a ban on inappropriate charges and proposals to introduce minimum governance standards and improve transparency across workplace defined contribution schemes.</p><p> </p><p>Following this, Government launched its consultation on draft regulations on governance and charges in occupational pension schemes in October 2014. Subject to Parliamentary approval, the majority of this legislation will come into force from April 2015, alongside Financial Conduct Authority (FCA) rules in relation to workplace personal pension schemes where appropriate. From April 2015, the Government intends to introduce a charge cap on the default funds of qualifying schemes, set at 0.75 per cent of funds under management and the first phase of enhanced transparency with trustees and Independent Governance Committees (IGCs) being required to report on costs and charges for the first time.</p><p> </p><p>In 2015 Government will consult on regulations under duties in the Pensions Act 2014 requiring information about transaction costs to be disclosed to members and others, and the publication of costs and charges information. The FCA also intends to consult on amending their own rules to introduce equivalent enhanced transparency provisions for workplace personal pension schemes during 2015. The Government has also set out its plans to review the level of the default fund charge cap, to see if it should be lowered, and also whether it should include some or all of the transaction costs that are ultimately borne by members within a cap. This review will take place in 2017.</p><p> </p><p>Taken together the combined effect of these measures on charges, governance and transparency and the Government’s commitment to a review should ensure that savers are being enrolled into workplace schemes that are well run and in members’ interests.</p>
star this property answering member printed Lord Freud more like this
star this property question first answered
less than 2014-12-08T12:19:52.33Zmore like thismore than 2014-12-08T12:19:52.33Z
unstar this property answering member
3893
star this property label Biography information for Lord Freud more like this
star this property tabling member
4286
star this property label Biography information for Lord Mendelsohn more like this
166089
star this property registered interest false remove filter
star this property date less than 2014-11-25more like thismore than 2014-11-25
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
star this property hansard heading Occupational Pensions remove filter
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty’s Government what plans they have to review the basis on which projections of potential returns are used by the investment management industry in communications with pension holders. more like this
star this property tabling member printed
Lord Mendelsohn more like this
unstar this property uin HL3147 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 2014-12-08more like thismore than 2014-12-08
star this property answer text <p /> <p>Since 6 April 2003, certain money purchase pension arrangements have been required to provide members with Statutory Money Purchase Illustrations (SMPIs). Legislation requires that statutory illustrations are produced in accordance with guidance prepared by a prescribed body approved by the Secretary of State for Work and Pensions and by the Department for Social Development in Northern Ireland.</p><p>The Financial Reporting Council (FRC) is the prescribed body and has been since 6 April 2007. The FRC fulfils its obligations through the publication of Actuarial Standard Technical Memorandum AS TM1: Statutory Money Purchase Illustrations (AS TM1). It reviews AS TM1 regularly and the last completed review was carried out in 2013 following the introduction of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (SI 2013/2734) which came into force on 6 April 2014. The AS TM1 specifies that the investment return should take into account the current and anticipated future investment strategy of the member’s funds over the period to retirement and be consistent from year to year, with the rationale documented and made available to members on request.</p><p> </p><p>In addition, Financial Conduct Authority (FCA) rules require a projection at point of sale for contract based pensions. The investment return must reflect the investment potential of the (expected) underlying assets, subject to an overall cap of 5%pa. Flanking projections must be provided using returns which vary by +/- 3%. The FCA has a public commitment to review the basis every 4 years and the next review is due in 2015. The FCA do not require further projections during the lifetime of the contract as pension scheme members will receive statutory statements prepared under DWP legislation. However, where a provider chooses to provide additional projections, they must follow the same basis as point of sale projections.</p>
star this property answering member printed Lord Freud more like this
star this property question first answered
less than 2014-12-08T12:26:30.053Zmore like thismore than 2014-12-08T12:26:30.053Z
unstar this property answering member
3893
star this property label Biography information for Lord Freud more like this
star this property tabling member
4286
star this property label Biography information for Lord Mendelsohn more like this
227419
star this property registered interest false remove filter
star this property date less than 2015-03-16more like thismore than 2015-03-16
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
star this property hansard heading Occupational Pensions remove filter
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty’s Government what representations they or the Pensions Regulator have received about the operation of the Pensions Regulator internet portal for the registration of contacts for the automatic enrolment of employees into workplace pensions, in particular in relation to problems with the login details supplied to employers; and what steps they plan to take to rectify any such problems to enable employers to meet the 1 April deadline for registration. more like this
star this property tabling member printed
Lord Stevens of Ludgate more like this
unstar this property uin HL5740 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 2015-03-24more like thismore than 2015-03-24
star this property answer text <p>The Pensions Regulator has received feedback from some small and micro businesses about the operation of the internet portal for automatic enrolment contact detail registration, known as the &quot;nominate a contact&quot; webpage. This feedback suggests that some users are not very familiar with their PAYE reference. The letters currently sent to customers from the Regulator protects customer data by masking the first 3 digits of their PAYE reference with asterisks and some customers are trying to enter the asterisks as part of their PAYE reference which is generating an error message.</p><p> </p><p>The Regulator is fully aware of the issue. To address it, they are updating the website to clarify exactly what to enter and including the full PAYE reference on relevant letters in future so employers have all the details they need in front of them when prompted by the letter to visit the automatic enrolment contact nomination webpage.</p> more like this
star this property answering member printed Lord Freud more like this
star this property question first answered
less than 2015-03-24T13:47:18.65Zmore like thismore than 2015-03-24T13:47:18.65Z
unstar this property answering member
3893
star this property label Biography information for Lord Freud more like this
star this property tabling member
2227
star this property label Biography information for Lord Stevens of Ludgate more like this
390085
star this property registered interest false remove filter
star this property date less than 2015-07-15more like thismore than 2015-07-15
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
star this property hansard heading Occupational Pensions remove filter
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty’s Government what is the average sum held in the pension funds of people who were enrolled in a pension scheme as part of the auto-enrolment process. more like this
star this property tabling member printed
Baroness Greengross more like this
unstar this property uin HL1497 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 2015-07-21more like thismore than 2015-07-21
star this property answer text <p /> <p>The information is not available in the format requested.</p><p><strong> </strong></p><p>Findings from the Office of National Statistics (ONS) Wealth and Asset survey show that overall, the average (median) amount of wealth held in pensions not yet in payment was £33,000 in 2010/12. There is no breakdown available to show wealth held in funds created due to Automatic Enrolment.</p><p> </p><p>DWP’s annual official statistics on workplace pension participation found that in 2014, the annual total amount saved in workplace pensions by employees eligible for Automatic Enrolment was £80.3 billion, an increase of £6.6 billion from 2012.</p> more like this
star this property answering member printed Baroness Altmann more like this
star this property question first answered
less than 2015-07-21T14:04:34.21Zmore like thismore than 2015-07-21T14:04:34.21Z
unstar this property answering member
4533
star this property label Biography information for Baroness Altmann more like this
star this property tabling member
2518
star this property label Biography information for Baroness Greengross more like this
421789
star this property registered interest false remove filter
star this property date less than 2015-10-15more like thismore than 2015-10-15
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
star this property hansard heading Occupational Pensions remove filter
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty’s Government what plans they have to assist workers who change their jobs, or leave the labour force, to consolidate and aggregate small pension pots. more like this
star this property tabling member printed
Baroness Drake more like this
unstar this property uin HL2660 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 2015-10-26more like thismore than 2015-10-26
star this property answer text <p>I refer the Noble Baroness to the Written Statement I made on 15 October, HLWS238, which explains why the time is not right to implement a system to consolidate or aggregate small pots.</p><p>Members still have a right to request a member-initiated transfer if they want to move their pots when they change jobs or leave the labour market. To introduce a system of automatic transfers would be a significant new process for both schemes and members to get to grips with at a time when the pensions market is changing fast.</p><p>The introduction of the new State Pension, the continued implementation of automatic enrolment and the introduction of the pensions flexibilities - allowing members more freedom and choice about how and when they access their pensions are all major reforms to pension savings. I believe that the Government, providers, employers and members need to focus on these reforms to ensure their success.</p><p>The future pensions market could look different from the current one. It is important that any system of consolidation is long-lasting and reflects that future landscape.</p><p>This does not mean that the project has ended and I am very grateful for the contributions that the industry has made to this project. I fully intend to ensure that the insight gathered in our extensive engagement with industry should be applied to the model when work is restarted.</p><p> </p><p><br></p>
star this property answering member printed Baroness Altmann more like this
star this property question first answered
less than 2015-10-26T16:44:10.86Zmore like thismore than 2015-10-26T16:44:10.86Z
unstar this property answering member
4533
star this property label Biography information for Baroness Altmann more like this
star this property tabling member
4155
star this property label Biography information for Baroness Drake more like this
421790
star this property registered interest false remove filter
star this property date less than 2015-10-15more like thismore than 2015-10-15
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
star this property hansard heading Occupational Pensions remove filter
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty’s Government what steps they are taking to ensure value for money is achieved for the pension savings of ex-employees in cases where the employer transfers their pension pots to a pension arrangement exempt from the charge cap regulations. more like this
star this property tabling member printed
Baroness Drake more like this
unstar this property uin HL2661 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 2015-10-26more like thismore than 2015-10-26
star this property answer text <p>The Occupational Pension Schemes (Charges and Governance) Regulations 2015 set out the tests that an arrangement in an occupational pension scheme to which the charge cap applies must meet in order to be designated as a default.</p><p>Where an employer or trustee switches some or all members’ contributions to a new default arrangement, any funds left in the old default arrangement will continue to be subject to the cap. Where an employer transfers all their employees’ pension pots to a new scheme, contributing members will be protected by the charge cap when the new arrangement meets the test for a default as set out in the Regulations. Where this is the case, ex-employees moved into the same arrangement will also be protected where they have made a contribution after the Regulations came into force.</p><p>Furthermore, the ban on Active Member Discounts will prevent providers from increasing charges for non-contributing members beyond those imposed on a member for whom such contributions are still being made.</p><p>I would be happy to receive any evidence from the Noble Baroness about ex-employees being transferred to an exempt arrangement in occupational schemes.</p>
star this property answering member printed Baroness Altmann more like this
star this property question first answered
less than 2015-10-26T16:57:36.917Zmore like thismore than 2015-10-26T16:57:36.917Z
unstar this property answering member
4533
star this property label Biography information for Baroness Altmann more like this
star this property tabling member
4155
star this property label Biography information for Baroness Drake more like this