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166087

	registered interest
	date	25/11/2014
	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: Fees and Charges
	house id	2
	legislature	25277 pref label House of Lords
	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.
	tabling member printed	Lord Mendelsohn
	uin	HL3145
	answer	answer is ministerial correction date of answer 08/12/2014 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> answering member printed Lord Freud question first answered 08/12/2014 12:19:52 answering member 3893 label Biography information for Lord Freud
	tabling member	4286 label Biography information for Lord Mendelsohn

166089

	registered interest
	date	25/11/2014
	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 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.
	tabling member printed	Lord Mendelsohn
	uin	HL3147
	answer	answer is ministerial correction date of answer 08/12/2014 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> answering member printed Lord Freud question first answered 08/12/2014 12:26:30 answering member 3893 label Biography information for Lord Freud
	tabling member	4286 label Biography information for Lord Mendelsohn

44561

	registered interest
	date	24/03/2014
	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
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what customer, user and satisfaction surveys were conducted in the last 12 months in the Department for Work and Pensions and the agencies that report to it; which of them have been reported to the management board in the last 12 months; and which were commissioned by the management board.
	tabling member printed	Lord Mendelsohn
	uin	HL6218
	answer	answer is ministerial correction date of answer 31/03/2014 answer text <p /> <p /> <p>The Department for Work and Pensions conducts an annual Claimant Service and Experience Survey which measures customer satisfaction. The survey includes customers of Jobcentre Plus and the former agency Pensions, Disability and Carers Service. Fieldwork for the 2013 survey was completed in September. The survey is approved by the Operations Executive Team and key findings have been reported to them.</p><p> </p><p>The Child Maintenance Group conducts customer satisfaction surveys to cover all its statutory schemes. Quarterly surveys are run for the 1993/2003 and 2012 schemes and a monthly survey for the Options Gateway to tell how customers think suppliers are delivering service. All of these surveys are commissioned and reviewed for internal use by the CMG Executive Team.</p><p> </p> answering member printed Lord Freud question first answered 31/03/2014 12:00:00 answering member 3893 label Biography information for Lord Freud
	tabling member	4286 label Biography information for Lord Mendelsohn

47763

	registered interest
	date	08/04/2014
	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
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what is the percentage cost over-run established by the management board for any budget in the Department for Work and Pensions to merit being tabled at the departmental management board; and how many times in the last 12 months that has occurred.
	tabling member printed	Lord Mendelsohn
	uin	HL6711
	answer	answer is ministerial correction date of answer 16/04/2014 answer text <p /> <p /> <p>Financial Management information showing the whole financial position of the Department for Work and Pensions in the round is provided to the Departmental Executive Team every month. The Departmental Board also receives this monthly by correspondence and also receives a more detailed update from the Finance Director at the quarterly board meetings.</p><p> </p><p>Any potential breach of Treasury funding control totals would provoke immediate action and does not rely on reporting cycles.</p><p> </p><p>Given the range and complexity of budgets across the Department, we do not have a simple percentage that would trigger an issue being tabled.</p><p> </p> answering member printed Lord Freud question first answered 16/04/2014 12:00:00 answering member 3893 label Biography information for Lord Freud
	tabling member	4286 label Biography information for Lord Mendelsohn

44560

	registered interest
	date	24/03/2014
	answering body	Wales Office
	answering dept id	28
	answering dept short name	Wales
	answering dept sort name	Wales
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what customer, user and satisfaction surveys were conducted in the last 12 months in the Wales Office and the agencies that report to it; which of them have been reported to the management board in the last 12 months; and which were commissioned by the management board.
	tabling member printed	Lord Mendelsohn
	uin	HL6217
	answer	answer is ministerial correction date of answer 31/03/2014 answer text <p>The Wales Office has not conducted any customer or user surveys in the last 12 months.</p><p>However, the Wales Office conducts a staff engagement survey annually, and the results are reported to the Department's management board.</p><p> </p> answering member printed Baroness Randerson question first answered 31/03/2014 12:00:00 answering member 4230 label Biography information for Baroness Randerson
	tabling member	4286 label Biography information for Lord Mendelsohn

47762

	registered interest
	date	08/04/2014
	answering body	Wales Office
	answering dept id	28
	answering dept short name	Wales
	answering dept sort name	Wales
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what is the percentage cost over-run established by the management board for any budget in the Wales Office to merit being tabled at the departmental management board; and how many times in the last 12 months that has occurred.
	tabling member printed	Lord Mendelsohn
	uin	HL6710
	answer	answer is ministerial correction date of answer 16/04/2014 answer text <p>The Wales Office's financial position is reviewed on a regular basis, and is a standing agenda item at meetings of the Department's Management Committee.</p><p> </p><p> </p><p> </p> answering member printed Lord Wallace of Saltaire question first answered 16/04/2014 12:00:00 answering member 1816 label Biography information for Lord Wallace of Saltaire
	tabling member	4286 label Biography information for Lord Mendelsohn

166088

	registered interest
	date	25/11/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Workplace Pensions
	house id	2
	legislature	25277 pref label House of Lords
	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.
	tabling member printed	Lord Mendelsohn
	uin	HL3146
	answer	answer is ministerial correction date of answer 09/12/2014 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> answering member printed Lord Deighton question first answered 09/12/2014 17:25:31 answering member 4262 label Biography information for Lord Deighton
	tabling member	4286 label Biography information for Lord Mendelsohn

168447

	registered interest
	date	08/12/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector: Workplace Pensions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what is their estimate of the total United Kingdom public pension liability.
	tabling member printed	Lord Mendelsohn
	uin	HL3477
	answer	answer is ministerial correction date of answer 19/12/2014 answer text <p>The 2012-13 Whole of Government Accounts show that the annual spend on public state pensions was £83.8bn, up from £78.1bn in 2011-12.</p><p> </p> answering member printed Lord Deighton question first answered 19/12/2014 12:51:04 answering member 4262 label Biography information for Lord Deighton
	tabling member	4286 label Biography information for Lord Mendelsohn

169065

	registered interest
	date	09/12/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Private Equity
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they have received any representations from investors in private equity funds on the increase in fees paid by portfolio companies to the operators of the funds and not to the funds where investors would benefit.
	tabling member printed	Lord Mendelsohn
	uin	HL3555
	answer	answer is ministerial correction date of answer 19/12/2014 answer text <p>Treasury Ministers and officials receive regular correspondence on a wide range of issues. We cannot disclose details of specific representations.</p><p> </p><p> </p><p> </p> answering member printed Lord Deighton question first answered 19/12/2014 12:51:19 answering member 4262 label Biography information for Lord Deighton
	tabling member	4286 label Biography information for Lord Mendelsohn

173023

	registered interest
	date	12/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Private Equity
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they have received any representations to change the tax advantages for the private equity industry on the treatment of "carry" as a capital gain; and if so, whether any of those representations have supported changes in the tax position to encourage longer-term funds with 10 year investment horizons.
	tabling member printed	Lord Mendelsohn
	uin	HL4095
	answer	answer is ministerial correction date of answer 26/01/2015 answer text <p>Treasury Ministers and officials meet with, and receive, representations from, a wide range of organisations and individuals in the public and private sectors, as part of the usual policy making process. As was the case with previous Administrations, it is not the Treasury’s practice to provide details of all such representations.</p><p> </p> answering member printed Lord Deighton question first answered 26/01/2015 16:47:27 answering member 4262 label Biography information for Lord Deighton
	tabling member	4286 label Biography information for Lord Mendelsohn