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1135807
star this property registered interest false more like this
star this property date less than 2019-07-01more like thismore than 2019-07-01
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
unstar 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
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, with reference to the publication of the master trust and GPP defaults report by Corporate Adviser magazine, whether her Department plans to reduce the protection on charges for members of occupational pension schemes used for automatic enrolment. 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 271354 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 2019-07-04more like thismore than 2019-07-04
star this property answer text <p>The DWP have no such plans. The Corporate Adviser report (available on request from <a href="https://corporate-adviser.com/" target="_blank">https://corporate-adviser.com/</a>) showed that the vast majority of pension savers are in schemes are able to invest in a range of diversified assets at prices well below the automatic enrolment charge cap. Therefore I do not intend to reduce member protections.</p><p> </p><p>In my 2017 written statement HCWS249 (<a href="https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2017-11-16/HCWS249/" target="_blank">https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2017-11-16/HCWS249/</a>) I committed to reviewing the level and scope of the charge cap in 2020, alongside the suitability of ‘combination charges’ (where a percentage charge on funds is combined with a charge on contribution or a flat annual fee), to see whether a change is needed to protect members.</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 2019-07-04T14:12:02.9Zmore like thismore than 2019-07-04T14:12:02.9Z
unstar this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
491
unstar this property label Biography information for Ms Angela Eagle more like this
1135300
star this property registered interest false more like this
star this property date less than 2019-06-27more like thismore than 2019-06-27
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
unstar 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
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, if she will make it her Department's policy to continue to include performance fees within the pensions charge cap. 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 270298 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 2019-07-03more like thismore than 2019-07-03
star this property answer text <p>Performance fees of all types have been subject to the automatic enrolment charge cap since 6 April 2015, when the Charges and Governance regulations (<a href="http://www.legislation.gov.uk/2015/879" target="_blank">http://www.legislation.gov.uk/2015/879</a> ) came into force.</p><p>It remains our policy that these fees should be subject to the cap. Savers who join a workplace pension scheme without choosing where to save or whether to save should not pay more than 0.75% or an equivalent combination charge over the year</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 2019-07-03T13:53:03.157Zmore like thismore than 2019-07-03T13:53:03.157Z
unstar this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
491
unstar this property label Biography information for Ms Angela Eagle more like this
1132189
star this property registered interest false more like this
star this property date less than 2019-06-13more like thismore than 2019-06-13
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 more like this
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 what steps they are taking to ensure that independent governance committees (IGCs) monitor and provide effective oversight of the suitability of all the retail fund choices available to pension scheme members through the firm which an IGC oversees. more like this
star this property tabling member printed
Baroness Drake more like this
star this property uin HL16350 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 2019-06-26more like thismore than 2019-06-26
star this property answer text 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. 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><strong> </strong></p>In 2016, the FCA reviewed IGCs and found that they were “generally effective” in influencing and advancing cost reductions for members. The FCA has announced that it will undertake a further review of IGCs in 2019/20. more like this
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-06-26T16:50:19.19Zmore like thismore than 2019-06-26T16:50:19.19Z
unstar this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
4155
unstar this property label Biography information for Baroness Drake more like this
1133721
star this property registered interest false more like this
star this property date less than 2019-06-20more like thismore than 2019-06-20
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
unstar 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
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, pursuant to the Answer of 23 May 2019 to Question 256341, what the timescale is for bringing forward legislation to facilitate Collective Defined Contribution schemes. more like this
star this property tabling member constituency Canterbury more like this
star this property tabling member printed
Rosie Duffield more like this
star this property uin 267346 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 2019-06-25more like thismore than 2019-06-25
star this property answer text <p>This Government is committed to legislation to facilitate collective defined contribution schemes. The Government has recently published responses to a series of consultations, and have engaged extensively with key stakeholders and the Pensions Regulator.</p><p>In these we have committed to strengthen the Pensions Regulator’s powers to both enforce pensions legislation and to punish those who have acted recklessly or failed to comply with their obligations. We have committed to facilitate industry to make pensions dashboards a reality. We are also compelling pension schemes to make consumers data available to them and to facilitate collective defined contribution schemes.</p><p>The Government will bring forward legislation to introduce these measures as soon as parliamentary time permits.</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 grouped question UIN
267344 more like this
267345 more like this
star this property question first answered
less than 2019-06-25T16:22:18.58Zmore like thismore than 2019-06-25T16:22:18.58Z
unstar this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
4616
unstar this property label Biography information for Rosie Duffield more like this
1131211
star this property registered interest false more like this
star this property date less than 2019-06-11more like thismore than 2019-06-11
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
unstar 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
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 her Department plans to publish its joint review with Her Majesty’s Treasury on survivor benefits in occupational pension schemes. more like this
star this property tabling member constituency Bury North more like this
star this property tabling member printed
James Frith more like this
star this property uin 263238 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 2019-06-19more like thismore than 2019-06-19
star this property answer text <p>The Review on survivor benefits provided a wealth of important information. Since then the Supreme Court judgement in <em>Walker</em> has changed the landscape of survivor benefits. The Government is assessing the detailed implications of the Review in the context of this important judgement and will respond in due course.</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 2019-06-19T14:13:32.793Zmore like thismore than 2019-06-19T14:13:32.793Z
unstar this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
4637
unstar this property label Biography information for James Frith more like this
1131206
star this property registered interest false more like this
star this property date less than 2019-06-11more like thismore than 2019-06-11
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
unstar 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
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 have participated in pension auto-enrolment; and what proportion of those people have made additional contributions to their scheme. 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 263082 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 2019-06-17more like thismore than 2019-06-17
star this property answer text <p>8,000 eligible jobholders have been automatically enrolled and 1,760 employers have met their AE duties, from 2012 to 2019, in the East Londonderry constituency.</p><p> </p><p>The success of Automatic Enrolment has transformed workplace pension saving. More than 10 million workers have now been automatically enrolled by over 1.5 million employers. Since the introduction of Automatic Enrolment, overall workplace pension participation has increased amongst eligible employees from 10.7 million in 2012 to 18.7 million in 2018.</p><p> </p><p>In April 2017, approximately half of eligible private sector employees making a contribution were contributing at levels of 2% and over (above the minimum requirements at the time). Total minimum contribution rates have since increased in April 2018 and April 2019 to 8%. We are continuing to monitor the impact of those increases closely, including how this impacts on overall contribution rates and the savings behaviour of employees. The available data can be accessed in the Automatic Enrolment Evaluation report 2018 and can be found at the following link:</p><p> </p><p><a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/764964/Automatic_Enrolment_Evaluation_Report_2018.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/764964/Automatic_Enrolment_Evaluation_Report_2018.pdf</a></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 2019-06-17T14:57:48.347Zmore like thismore than 2019-06-17T14:57:48.347Z
unstar this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
1409
unstar this property label Biography information for Mr Gregory Campbell 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 more like this
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
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
unstar 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 more like this
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
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
unstar 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
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 more like this
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
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
unstar 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 more like this
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
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
unstar 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