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1130880
star this property registered interest false more like this
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
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star 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
star 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
unstar 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
unstar this property label Biography information for Ms Angela Eagle more like this
1130881
star this property registered interest false more like this
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
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star 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
star 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
unstar 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
unstar this property label Biography information for Ms Angela Eagle more like this
1130882
star this property registered interest false more like this
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
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star 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
star 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
unstar 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
remove maximum value filtermore 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
unstar this property label Biography information for Ms Angela Eagle more like this
1130883
star this property registered interest false more like this
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
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star 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
star 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
unstar 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
unstar this property label Biography information for Ms Angela Eagle more like this
1087137
star this property registered interest false more like this
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
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star 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
star 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
unstar 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
unstar this property label Biography information for Stephen Kinnock more like this
890325
star this property registered interest false more like this
star this property date less than 2018-04-24more like thismore than 2018-04-24
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star 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 Mr Chancellor of the Exchequer, what estimate he has made of the number of firms that operate self-invested personal pension schemes for individuals which have ceased operating within the past two years. more like this
star this property tabling member constituency East Londonderry more like this
star this property tabling member printed
Mr Gregory Campbell more like this
star this property uin 137489 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2018-04-27more like thismore than 2018-04-27
unstar this property answer text <p>HMRC does not hold the information requested. HMRC does not hold information that allows them to identify self-invested personal pensions separate from overall personal pensions.</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 2018-04-27T10:01:12.82Zmore like thismore than 2018-04-27T10:01:12.82Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
1409
unstar this property label Biography information for Mr Gregory Campbell more like this
384506
star this property registered interest false more like this
star this property date less than 2015-06-22more like thismore than 2015-06-22
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Occupational Pensions remove filter
star 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 plan to extend the right of access to pension funds available to employees in the private sector to those working in the public sector; and if not, why not. more like this
star this property tabling member printed
Lord Stoddart of Swindon more like this
star this property uin HL717 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2015-07-06more like thismore than 2015-07-06
unstar this property answer text <p>The Government has no current plans to extend the pension flexibilities to members of unfunded, defined benefit, public service pension schemes. The last Government restricted transfers from unfunded, defined benefit, public service pension schemes to those arrangements from which the member may acquire a right or entitlement to flexible benefits in order to protect the taxpayer from the increased in-year costs that would result should a large number of members of such schemes elect to transfer out to a scheme providing flexible access to pension pots.</p><p> </p><p> </p><p> </p><p>In an unfunded public service pension scheme, there is no fund of assets with which to finance transfer payments. Instead, they are funded from contributions from current members and their employers, and through general expenditure.</p><p> </p><p> </p><p> </p><p>Therefore, should the introduction of the flexibilities have led to an increase in the number of members transferring out of their unfunded public service scheme to a scheme providing flexible benefits, there would have been a direct cost to Government. For every extra pound paid out in transfers, the Government would have had one less pound to spend that year on public services.</p><p> </p><p> </p><p> </p><p>The Government estimates that if 1% of all public service workers reaching retirement took their benefits flexibly, it could cost the tax payer £200m a year. The Government does not think it is fair to ask taxpayers to meet such in-year costs.</p><p> </p><p> </p><p> </p><p>Members of funded, defined benefit, public service pension schemes, such as the Local Government Pension Scheme, continue to be able to transfer. This is because there is a fund of assets available for use to meet the cost of the transfers. Government took the decision to treat funded schemes differently for this reason, extending freedom and choice to as many individuals as possible.</p><p> </p><p> </p><p> </p>
star this property answering member printed Lord O'Neill of Gatley more like this
star this property question first answered
less than 2015-07-06T16:59:44.65Zmore like thismore than 2015-07-06T16:59:44.65Z
star this property answering member
4536
star this property label Biography information for Lord O'Neill of Gatley more like this
star this property tabling member
950
unstar this property label Biography information for Lord Stoddart of Swindon more like this
175931
star this property registered interest false more like this
star this property date less than 2015-01-27more like thismore than 2015-01-27
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star 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 Mr Chancellor of the Exchequer, whether any additional resources will be available to HM Revenue and Customs for conducting due diligence on newly-registered pension schemes. more like this
star this property tabling member constituency Kilmarnock and Loudoun more like this
star this property tabling member printed
Cathy Jamieson more like this
star this property uin 222137 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2015-02-11more like thismore than 2015-02-11
unstar this property answer text <p>HM<ins> </ins>R<ins>evenue and </ins>C<ins>ustoms (HMRC)</ins> has an active compliance programme to tackle all attempted abuse of the pension tax rules. As part of this, they continue to work to identify promoters and schemes which seek to abuse the pension tax rules. The fit and proper person test for scheme administrators introduced in September 2014 is another important tool to help HMRC tackle these schemes and to protect members’ funds. HMRC takes a risk based approach to compliance which allows it to match resource at the right time to tackle this abuse. This resource includes pension specialists, and where appropriate, staff from many other areas across HMRC. HMRC is also working with other Government Departments to ensure that appropriate action is taken to stop any abuse.</p><p> </p><p> </p> more like this
star this property answering member constituency South West Hertfordshire more like this
star this property answering member printed Mr David Gauke more like this
star this property question first answered
less than 2015-02-11T16:51:12.587Zmore like thismore than 2015-02-11T16:51:12.587Z
star this property answering member
1529
star this property label Biography information for Mr David Gauke more like this
star this property tabling member
4011
unstar this property label Biography information for Cathy Jamieson more like this
166088
star this property registered interest false more like this
star this property date less than 2014-11-25more like thismore than 2014-11-25
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Occupational Pensions remove filter
star 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 compensation levels in the investment management industry and any changes due to auto-enrolment. more like this
star this property tabling member printed
Lord Mendelsohn more like this
star this property uin HL3146 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-12-09more like thismore than 2014-12-09
unstar this property answer text <p>Compensation levels in the investment management industry are already governed by the Remuneration Code (“the Code”) which is part of the FCA Handbook. Investment firms must ensure that their remuneration policies do not encourage staff to sell inappropriate products or give rise to a conflict of interest. Firms are also required to ensure that remuneration is structured through an appropriate and suitable balance between fixed and variable compensation where the variable part is subject to forfeiture if losses or misconduct come to light after the award has been made. Firms managing funds that accept payments from auto-enrolment schemes must adhere to the Code.</p><p> </p> more like this
star this property answering member printed Lord Deighton more like this
star this property question first answered
less than 2014-12-09T17:25:31.69Zmore like thismore than 2014-12-09T17:25:31.69Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
star this property tabling member
4286
unstar this property label Biography information for Lord Mendelsohn more like this