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1701553

	registered interest
	date	16/04/2024
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Workplace Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, what assessment he has made of the potential impact for his Department's policies of defined benefit pensions.
	tabling member constituency	Belfast South
	tabling member printed	Claire Hanna
	uin	22181
	answer	answer is ministerial correction date of answer 23/04/2024 answer text <p>The defined benefit pensions landscape remains central for the retirement plans of millions of current and future pensioners. There have been significant changes over recent years and the Government has been alive to the resulting risks and opportunities. The revised DB funding arrangements, which will be implemented in the Autumn, will help to keep members hard earned benefits safe and support the vision set out in our recent DB consultations to ensure that assets can work as hard as possible for the benefit of members, sponsoring employers, and the wider economy.</p> answering member constituency Blackpool North and Cleveleys answering member printed Paul Maynard question first answered 23/04/2024 12:41:09 answering member 3926 label Biography information for Paul Maynard
	tabling member	4827 label Biography information for Claire Hanna

1700028

	registered interest
	date	12/04/2024
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Workplace Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, how many people opted out of auto-enrolment workplace pension schemes in each of the last ten years for which figures are available.
	tabling member constituency	Hayes and Harlington
	tabling member printed	John McDonnell
	uin	20845
	answer	answer is ministerial correction date of answer 16/04/2024 answer text <p>The data requested for the number of people who opted out of automatic enrolment workplace pension schemes in each of the last ten years is not readily available and to provide it would incur disproportionate costs.</p><p> </p><p>The department makes regular publications of the data that is held, including the <a href="https://www.gov.uk/government/statistics/workplace-pension-participation-and-savings-trends-2009-to-2022/workplace-pension-participation-and-savings-trends-of-eligible-employees-2009-to-2022" target="_blank"><em>Workplace Pension Participation and Savings Trends</em></a>, which is available on GOV.UK. This publication includes aggregated data from large private pension providers in which the proportion of new member enrolments to have opted-out of workplace pension saving stood at 11.79% in July 2023. Over the period from January 2020 to July 2023, these opt-out rates have fluctuated between a low of 7.03% and a high of 12.23%. From the same aggregated private pension provider data, the proportion of pension scheme members making an active decision to cease saving was 0.50% in July 2023.</p> answering member constituency Blackpool North and Cleveleys answering member printed Paul Maynard question first answered 16/04/2024 10:02:23 answering member 3926 label Biography information for Paul Maynard
	tabling member	178 label Biography information for John McDonnell

1692700

	registered interest
	date	29/02/2024
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Workplace Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, pursuant to the Answer of 8 February 2024 to Question 12888 on Workplace Pensions, for what reason the findings of that work will not be published.
	tabling member constituency	Broxbourne
	tabling member printed	Sir Charles Walker
	uin	16294
	answer	answer is ministerial correction date of answer 05/03/2024 answer text <p>I would refer the Hon. Gentleman to the previous response. It is not convention to disclose policy discussions between Ministers and officials as a matter of course.</p> answering member constituency Blackpool North and Cleveleys answering member printed Paul Maynard question first answered 05/03/2024 11:18:48 answering member 3926 label Biography information for Paul Maynard
	tabling member	1493 label Biography information for Sir Charles Walker

1687388

	registered interest
	date	05/02/2024
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Workplace Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, with reference to Q338 of the evidence given by the Minister for Pensions on 10 January 2024, HC144, what the (a) scope of and (b) timeline for the extensive piece of work he has commissioned on indexation of pre-1997 savings from pension contributions is; and whether he plans to publish the findings of this work.
	tabling member constituency	East Ham
	tabling member printed	Sir Stephen Timms
	uin	12888
	answer	answer is ministerial correction date of answer 08/02/2024 answer text <p>While all pensions legislation is kept under review as a matter of course, there are currently no plans to amend the Pension Protection Fund rules on pre-97 indexation of pension contributions. The evidence given by the Minister for Pensions, on 10 January 2024, was clear that these are complex issues which will need careful consideration. DWP will continue to consider this issue, determining the scope and taking the time required for full consideration. There is no intention of publishing this advice.</p> answering member constituency Blackpool North and Cleveleys answering member printed Paul Maynard question first answered 08/02/2024 13:54:42 answering member 3926 label Biography information for Paul Maynard
	tabling member	163 label Biography information for Sir Stephen Timms

1676908

	registered interest
	date	11/12/2023
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Workplace Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, when he plans to publish his Department's response to the Options for Defined Benefit Scheme: call for evidence which closed in September 2023.
	tabling member constituency	Ellesmere Port and Neston
	tabling member printed	Justin Madders
	uin	6210
	answer	answer is ministerial correction date of answer 14/12/2023 answer text <p>The government response to ‘Options for Defined Benefit schemes: a call for evidence’ was published on 22 November 2023. Please see the link to our response at <a href="https://www.gov.uk/government/calls-for-evidence/options-for-defined-benefit-schemes-a-call-for-evidence/outcome/government-response-to-options-for-defined-benefit-schemes#introduction" target="_blank">Government response to Options for Defined Benefit schemes - GOV.UK (www.gov.uk)</a>.</p> answering member constituency Blackpool North and Cleveleys answering member printed Paul Maynard question first answered 14/12/2023 14:08:58 answering member 3926 label Biography information for Paul Maynard
	tabling member	4418 label Biography information for Justin Madders

1672178

	registered interest
	date	22/11/2023
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Workplace Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, if he will make an assessment of the potential merits of requiring (a) pension companies to hold a consultation when considering closing a defined benefit pension scheme and (b) independent assessment of the potential closure of such a scheme.
	tabling member constituency	South Leicestershire
	tabling member printed	Alberto Costa
	uin	3263
	answer	answer is ministerial correction date of answer 27/11/2023 answer text <p>The legal requirements for employers on certain changes to occupational pension schemes are detailed in The Pensions Act of 2004. This states that larger employers with 50 or more workers are required to consult with affected members or their representatives about proposed significant changes to their pension scheme, including closure, before implementing the change.</p><p> </p><p>These requirements ensure that scheme members are aware of the change and the impact on their future pension, and that they have an opportunity to comment. The Pensions Regulator provides information for employers on closing a pension scheme to new members or future accruals and winding up a scheme at their website including detailed regulatory guidance and can be found at <a href="https://www.thepensionsregulator.gov.uk/en/employers/managing-a-scheme/closing-your-scheme" target="_blank">https://www.thepensionsregulator.gov.uk/en/employers/managing-a-scheme/closing-your-scheme</a>.</p> answering member constituency Blackpool North and Cleveleys answering member printed Paul Maynard question first answered 27/11/2023 16:44:21 answering member 3926 label Biography information for Paul Maynard
	tabling member	4439 label Biography information for Alberto Costa

1668911

	registered interest
	date	09/11/2023
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Workplace Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, what assessment he has made of the potential merits of introducing an opt-out option for members of pension schemes with safeguarded benefits who are required to take advice under section 48 of the Pension Schemes Act 2015.
	tabling member constituency	Linlithgow and East Falkirk
	tabling member printed	Martyn Day
	uin	1198
	answer	answer is ministerial correction date of answer 15/11/2023 answer text <p>The overarching objective of the advice requirement is to ensure that members understand the financial implications of transferring to a scheme with flexible benefits. The process enables a clear view of the choices available to the individual and the longer term risks attached to accessing flexible benefits.</p><p> </p><p>The government has to consider the needs of all pension savers regardless of their individual circumstances and it believes that enabling members to make informed investment decisions will yield greater long term financial stability for the individual. It is not therefore policy to introduce an opt out option to this part of the transfer process.</p><p> </p><p>In forming this view, DWP has engaged with pensions industry bodies, the regulators and consumer groups to review The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations 2017. The review considered how the advice requirement is working in practice and if there are any unintended consequences. A report of the review was published in June 2023 and is available on gov.uk.</p><p> </p><p>Whilst the report concluded that the existing measures remain appropriate and effective, the department will continue to work closely with HMT and FCA to consider changes to the regulations that will improve the transfer process whilst ensuring that members continue to receive an appropriate level of protection and support.</p><p /><p><strong> </strong></p><p><strong> </strong></p><p><strong> </strong></p><p><strong> </strong></p> answering member constituency Blackpool North and Cleveleys answering member printed Paul Maynard question first answered 15/11/2023 16:03:59 answering member 3926 label Biography information for Paul Maynard
	tabling member	4488 label Biography information for Martyn Day

1666667

	registered interest
	date	23/10/2023
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Workplace Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, what steps his Department is taking to expand Automatic Enrolment.
	tabling member constituency	Crewe and Nantwich
	tabling member printed	Dr Kieran Mullan
	uin	203977
	answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>This government is clear about the importance of pension saving so that individuals can plan for the retirement they want. We recognise the current minimum contribution rates for automatic enrolment (AE) are unlikely to give all individuals the retirement to which they aspire. That is why we are committed to implementing the 2017 Review measures.</p><p> </p><p>Expanding AE to younger people and helping all eligible workers save from the first pound of earnings will boost overall saving levels, once fully implemented, by an extra £2 billion a year in pension contributions.</p><p> </p><p>Following the successful passage of the Pensions (Extension of Automatic Enrolment) (No. 2) Act 2023, supported by government, we have committed to consult on the detailed implementation of AE expansion and will do so at the earliest opportunity and report to Parliament before using the powers in the Act.</p> answering member constituency Sevenoaks answering member printed Laura Trott grouped question UIN 203978 question first answered 26/10/2023 09:18:22 answering member 4780 label Biography information for Laura Trott
	tabling member	4860 label Biography information for Dr Kieran Mullan

1650124

	registered interest
	date	04/07/2023
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Workplace Pensions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government under what statutory provisions they have powers to legislate (1) to require occupational pension schemes to report on their impacts on water, circular economy, pollution and biodiversity, and (2) to clarify occupational pension schemes’ fiduciary duties.
	tabling member printed	Baroness Hayman
	uin	HL9028
	answer	answer is ministerial correction date of answer 17/07/2023 answer text <p>The Government already requires occupational pension schemes over a certain size to report in line with the Taskforce on Climate-related Financial Disclosures recommendations.</p><p> </p><p>With regards to fiduciary duties, The Pension Regulator already provides guidance setting out that climate-related risks should be managed alongside other risks that trustees consider as part of their fiduciary duties.</p> answering member printed Viscount Younger of Leckie question first answered 17/07/2023 13:56:45 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	1649 label Biography information for Baroness Hayman

1641722

	registered interest
	date	05/06/2023
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Workplace Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, if he will make an assessment of the potential merits of increasing the flexibility of retirement options for final salary schemes.
	tabling member constituency	York Central
	tabling member printed	Rachael Maskell
	uin	187738
	answer	answer is ministerial correction date of answer 13/06/2023 answer text <p>A final salary pension scheme offers members a valuable guarantee of a secure retirement income for life, and will often offer some flexibility to their members, in terms of the shape of benefits and when they are taken. There are routes to transferring out to access further flexibilities, subject, where appropriate, to taking appropriate advice.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 13/06/2023 13:00:16 answering member 4780 label Biography information for Laura Trott
	tabling member	4471 label Biography information for Rachael Maskell