Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member constituency
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member constituency answering member printed grouped question UIN question first answered answering member label
tabling member	label

Search

1129985

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensioners: Income
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of the ability of consumers to make an informed choice when accessing retirement income products.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	260554
	answer	answer is ministerial correction date of answer 10/06/2019 answer text <p>The Government recognises that people need the right support and guidance to make decisions that best suit their evolving personal circumstances. That is why the Government introduced Pension Wise, a service provided by the Money and Pensions Service (MAPS) that offers everyone aged 50 and over who has a defined contribution pension, free and impartial guidance on their range of available choices at retirement.</p><p> </p><p>The Financial Conduct Authority (FCA) found in its Retirement Outcomes Review in 2018 that consumer engagement in the retirement market is low and there are low levels of shopping around. As part of remedies to improve this, the FCA has set new requirements for pension providers to send more frequent ‘wake-up packs’ to their consumers, which include a summary of their open market options.</p><p> </p><p>The Money Advice Service (provided by MAPS) also offers a guaranteed income product comparator tool and is developing a drawdown comparator tool, to make it easier for consumers to compare the different options available to them.</p> answering member constituency Salisbury answering member printed John Glen question first answered 10/06/2019 11:08:05 answering member 4051 label Biography information for John Glen
	tabling member	491 label Biography information for Dame Angela Eagle

1129987

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the adequacy of the regulatory and governance standards in the pensions industry in ensuring that drawdown products are appropriate for consumers.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	260555
	answer	answer is ministerial correction date of answer 10/06/2019 answer text <p>The Financial Conduct Authority (FCA) is the regulator of pensions decumulation products, including drawdown products.</p><p> </p><p>The FCA conducted the Retirement Outcomes Review into the retirement income market, publishing the final report in 2018. The final report particularly focused on investment choices and charges in drawdown. As a result of its findings, it is introducing or consulting on a number of remedies to protect consumers from poor outcomes and promote competition in the market. These include the introduction of investment pathways and a requirement for consumers entering drawdown to receive clearer information on charges. The FCA is also currently consulting on extending the remit of Independent Governance Committees (IGCs) to investment pathways.</p><p> </p><p>As the remedies will be a significant intervention in the drawdown market, the FCA plans to conduct a detailed review of the impact of investment pathways one year after implementation to consider how well the remedy is working.</p> answering member constituency Salisbury answering member printed John Glen question first answered 10/06/2019 11:10:53 answering member 4051 label Biography information for John Glen
	tabling member	491 label Biography information for Dame Angela Eagle

1129715

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Fees and Charges
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make it his policy for pension providers to produce standardised communications for charges on pension products for consumers.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	259888
	answer	answer is ministerial correction date of answer 10/06/2019 answer text <p>In June 2018, the Financial Conduct Authority (FCA) published its Retirement Outcomes Review final report. This two-year study assessed how the retirement income market has evolved following the introduction of pension freedoms. The review found that drawdown charges are complex, not consistent between providers, and can vary substantially across providers.</p><p> </p><p>In response, the FCA is introducing a range of new measures, including a requirement for consumers entering drawdown to receive a first-year charge figure in pounds and pence terms. The FCA has also recently consulted on introducing a requirement for firms to provide annual information on costs and charges expressed in pounds and pence terms.</p><p> </p><p>As the market is continuing to evolve, the FCA did not propose introducing a charge cap at this stage. The FCA expects the market to deliver competitive charges and is highly likely to move towards a cap if it does not.</p><p> </p><p>The government welcomes the FCA’s work in this area, and stands ready to work with industry and the FCA to ensure consumer demands are being met, and any potential barriers to a thriving, competitive market can be addressed.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 259889 question first answered 10/06/2019 11:20:54 answering member 4051 label Biography information for John Glen
	tabling member	491 label Biography information for Dame Angela Eagle

1129716

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Fees and Charges
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make it his policy to introduce a charging cap on the draw down of pension products.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	259889
	answer	answer is ministerial correction date of answer 10/06/2019 answer text <p>In June 2018, the Financial Conduct Authority (FCA) published its Retirement Outcomes Review final report. This two-year study assessed how the retirement income market has evolved following the introduction of pension freedoms. The review found that drawdown charges are complex, not consistent between providers, and can vary substantially across providers.</p><p> </p><p>In response, the FCA is introducing a range of new measures, including a requirement for consumers entering drawdown to receive a first-year charge figure in pounds and pence terms. The FCA has also recently consulted on introducing a requirement for firms to provide annual information on costs and charges expressed in pounds and pence terms.</p><p> </p><p>As the market is continuing to evolve, the FCA did not propose introducing a charge cap at this stage. The FCA expects the market to deliver competitive charges and is highly likely to move towards a cap if it does not.</p><p> </p><p>The government welcomes the FCA’s work in this area, and stands ready to work with industry and the FCA to ensure consumer demands are being met, and any potential barriers to a thriving, competitive market can be addressed.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 259888 question first answered 10/06/2019 11:20:54 answering member 4051 label Biography information for John Glen
	tabling member	491 label Biography information for Dame Angela Eagle