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1314987

	registered interest
	date	17/05/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Wyelands Bank
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they plan to hold an inquiry into (1) the granting of a banking licence to Wyelands Bank, and (2) its subsequent supervision by the Prudential Regulation Authority.
	tabling member printed	Lord Myners
	uin	HL292
	answer	answer is ministerial correction date of answer 27/05/2021 answer text <p>Since the financial crisis, we have implemented sweeping reforms to financial regulation. Through the Financial Services Act 2012, we dismantled the failed tripartite system, and replaced it with a set of regulators with clear objectives and responsibilities, with the Prudential Regulation Authority (PRA) responsible for the prudential supervision of the UK banking sector, and the Financial Conduct Authority (FCA) for ensuring proper conduct in line with UK financial regulations.</p><p>Wyelands Bank remains authorised by the PRA and regulated by the PRA and the FCA; however, as shown on the Financial Services Register, its permission to perform regulated activities is subject to limitations.</p><p>Although HM Treasury does not comment on supervisory matters, we continuously monitor risks across the financial sector and escalate our response where appropriate in coordination with the independent financial authorities – the FCA, PRA and Bank of England – as well as relevant government departments.</p><p> </p><p> </p> answering member printed Lord Agnew of Oulton question first answered 27/05/2021 14:55:29 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	3869 label Biography information for Lord Myners

1327987

	registered interest
	date	25/05/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Workplace Pensions: Tax Allowances
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to implement legal obligations on (1) pension scheme trustees, (2) pension advisers, and (3) pension scheme providers, to ensure that the take-home pay of members of auto-enrolment pension schemes take-home pay is not reduced as a direct result of the pension scheme’s tax relief administration system.
	tabling member printed	Baroness Altmann
	uin	HL552
	answer	answer is ministerial correction date of answer 07/06/2021 answer text <p>The Government recognises the different impacts of the two systems of paying pension tax relief on pension contributions for workers earning below the personal allowance. The Government committed in its manifesto to review this issue and published a Call for Evidence on 21 July 2020. The Call for Evidence set out the Government’s views on proposals already put forward by stakeholders, invited further proposals, and sought views on the operation of the relief at source method of tax relief for pension contributions.</p><p>The Call for Evidence is now closed. The Government is carefully analysing this issue and the responses received to understand what deliverable options for change may exist. These responses have raised technical points that we are continuing to explore with HMRC and others. The Government will respond to the Call for Evidence in due course.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL550 question first answered 07/06/2021 12:57:34 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4533 label Biography information for Baroness Altmann

1327984

	registered interest
	date	25/05/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Workplace Pensions: Low Pay
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what estimate have they made of the number of (1) women, and (2) men, earning less than the personal tax threshold who were automatically enrolled in workplace pension schemes which operate on net pay basis in each tax year since 2017–18.
	tabling member printed	Baroness Altmann
	uin	HL549
	answer	answer is ministerial correction date of answer 08/06/2021 answer text HMRC cannot determine which individuals have been automatically enrolled in a workplace pension. However, HMRC estimates that 1.5m individuals earning below the personal allowance in 2018-19 made workplace pension contributions via Real time Information (RTI) using net pay arrangements. Around 75% of these individuals are estimated to be female and 25% are estimated to be male.<p> </p>The personal allowance in 2018-19 was £11,850. HMRC’s Survey of Personal Income (SPI) and administrative data was used to produce the estimates. The 2018-19 SPI (published in March 2021) is the latest year available. The SPI is published annually. answering member printed Lord Agnew of Oulton question first answered 08/06/2021 11:42:57 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4533 label Biography information for Baroness Altmann

1327985

	registered interest
	date	25/05/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Workplace Pensions: Low Pay
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans do they have to implement legal obligations on employers (1) to select a suitable pension scheme for low-paid workers, and (2) to inform those workers about the lower take-home pay as a result of enrolling onto a Net Pay scheme.
	tabling member printed	Baroness Altmann
	uin	HL550
	answer	answer is ministerial correction date of answer 07/06/2021 answer text <p>The Government recognises the different impacts of the two systems of paying pension tax relief on pension contributions for workers earning below the personal allowance. The Government committed in its manifesto to review this issue and published a Call for Evidence on 21 July 2020. The Call for Evidence set out the Government’s views on proposals already put forward by stakeholders, invited further proposals, and sought views on the operation of the relief at source method of tax relief for pension contributions.</p><p>The Call for Evidence is now closed. The Government is carefully analysing this issue and the responses received to understand what deliverable options for change may exist. These responses have raised technical points that we are continuing to explore with HMRC and others. The Government will respond to the Call for Evidence in due course.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL552 question first answered 07/06/2021 12:57:34 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4533 label Biography information for Baroness Altmann

1347918

	registered interest
	date	19/07/2021
	answering body	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 how much was invested by (1) the Principal Civil Service Pension Scheme, (2) the NHS Pension Scheme, (3) the Teachers’ Pension Scheme, (4) the Local Government Pension Scheme, (5) the Firefighters’ Pension Scheme, and (6) the Armed Forces Pension Scheme, into (a) Alibaba, (b) Tencent, (c) China Construction Bank, (d) China Petroleum & Chemical Corporation, and (e) China National Offshore Oil Corporation, between 2014 and 2020.
	tabling member printed	Lord Alton of Liverpool
	uin	HL2136
	answer	answer is ministerial correction date of answer 30/07/2021 answer text <p>The main unfunded public service pension schemes have not invested in any of the mentioned companies.</p><p> </p><p>Most Public Service Pension schemes are unfunded Defined Benefit pension schemes, with the exception of the Local Government Pension Scheme. Members’ pension benefits are set out in statute and there is no fund of assets from which pension benefits are paid. Employer and employee contributions are paid to the relevant public service pension scheme, but these contributions are not invested. Instead, the public service pension scheme uses the contributions to meet the cost of pensions in payment. Where there is a difference between pensions in payment and total contributions, the difference is made up by HMT through Annually Managed Expenditure (AME).</p><p> </p><p>The Local Government Pension Scheme is a funded scheme in which all the assets are owned by the administering authorities, which are responsible for the management of their investments. The data requested is not held centrally.</p> answering member printed Lord Agnew of Oulton question first answered 30/07/2021 09:35:05 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	738 label Biography information for Lord Alton of Liverpool

1363752

	registered interest
	date	26/10/2021
	answering body	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, further to their proposal to increase the normal minimum pension age from 55 to 57 in 2028, how many pension scheme members they estimate will benefit from the planned protection regime before 5 April 2023.
	tabling member printed	Baroness Altmann
	uin	HL3419
	answer	answer is ministerial correction date of answer 09/11/2021 answer text <p>In February 2021 the government reconfirmed that normal minimum pension age (NMPA) will rise to 57 in 2028 (as announced in 2014) and published a consultation on the implementation of the increase and a proposed protection regime. That consultation received 117 responses. The government published draft legislation in July. Throughout these consultations the government has been in regular dialogue with a wide variety of stakeholders about the proposals, including the design of the protection regime and the interplay between the implementation of the Normal Minimum Pension Age and the impact on other policy initiatives. We are considering these responses and representations carefully and will publish full details of the protection regime in due course.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL3420 HL3421 HL3422 HL3423 question first answered 09/11/2021 12:33:41 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4533 label Biography information for Baroness Altmann

1363753

	registered interest
	date	26/10/2021
	answering body	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, further to their proposal to increase the normal minimum pension age from 55 to 57 in 2028, what estimate they have made of the number of people who will transfer existing pensions to new providers to take advantage of the planned protection regime that will be available up to 5 April 2023.
	tabling member printed	Baroness Altmann
	uin	HL3420
	answer	answer is ministerial correction date of answer 09/11/2021 answer text <p>In February 2021 the government reconfirmed that normal minimum pension age (NMPA) will rise to 57 in 2028 (as announced in 2014) and published a consultation on the implementation of the increase and a proposed protection regime. That consultation received 117 responses. The government published draft legislation in July. Throughout these consultations the government has been in regular dialogue with a wide variety of stakeholders about the proposals, including the design of the protection regime and the interplay between the implementation of the Normal Minimum Pension Age and the impact on other policy initiatives. We are considering these responses and representations carefully and will publish full details of the protection regime in due course.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL3419 HL3421 HL3422 HL3423 question first answered 09/11/2021 12:33:41 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4533 label Biography information for Baroness Altmann

1363754

	registered interest
	date	26/10/2021
	answering body	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, further to their proposed introduction of a protection regime to allow pension scheme members to protect a minimum pension age of 55, how many pension accounts they expect to be opened for children before 5 April 2023 to protect a minimum pension age of 55 for their future.
	tabling member printed	Baroness Altmann
	uin	HL3421
	answer	answer is ministerial correction date of answer 09/11/2021 answer text <p>In February 2021 the government reconfirmed that normal minimum pension age (NMPA) will rise to 57 in 2028 (as announced in 2014) and published a consultation on the implementation of the increase and a proposed protection regime. That consultation received 117 responses. The government published draft legislation in July. Throughout these consultations the government has been in regular dialogue with a wide variety of stakeholders about the proposals, including the design of the protection regime and the interplay between the implementation of the Normal Minimum Pension Age and the impact on other policy initiatives. We are considering these responses and representations carefully and will publish full details of the protection regime in due course.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL3419 HL3420 HL3422 HL3423 question first answered 09/11/2021 12:33:41 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4533 label Biography information for Baroness Altmann

1363755

	registered interest
	date	26/10/2021
	answering body	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 what plans they have consult with industry on the practicalities of implementing the proposed protection regime for increasing the normal minimum pension age to 57 in April 2028.
	tabling member printed	Baroness Altmann
	uin	HL3422
	answer	answer is ministerial correction date of answer 09/11/2021 answer text <p>In February 2021 the government reconfirmed that normal minimum pension age (NMPA) will rise to 57 in 2028 (as announced in 2014) and published a consultation on the implementation of the increase and a proposed protection regime. That consultation received 117 responses. The government published draft legislation in July. Throughout these consultations the government has been in regular dialogue with a wide variety of stakeholders about the proposals, including the design of the protection regime and the interplay between the implementation of the Normal Minimum Pension Age and the impact on other policy initiatives. We are considering these responses and representations carefully and will publish full details of the protection regime in due course.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL3419 HL3420 HL3421 HL3423 question first answered 09/11/2021 12:33:41 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4533 label Biography information for Baroness Altmann

1363756

	registered interest
	date	26/10/2021
	answering body	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 what assessment they have made of the effects their planned protection regime for minimum pension ages will have on their policies for pension simplification and consumer engagement, including (1) the implications of increased complexity for simple Annual Statements, (2) the challenges for pension forecasts to be produced by Pension Dashboards, and (3) consolidation of smaller pension pots.
	tabling member printed	Baroness Altmann
	uin	HL3423
	answer	answer is ministerial correction date of answer 09/11/2021 answer text <p>In February 2021 the government reconfirmed that normal minimum pension age (NMPA) will rise to 57 in 2028 (as announced in 2014) and published a consultation on the implementation of the increase and a proposed protection regime. That consultation received 117 responses. The government published draft legislation in July. Throughout these consultations the government has been in regular dialogue with a wide variety of stakeholders about the proposals, including the design of the protection regime and the interplay between the implementation of the Normal Minimum Pension Age and the impact on other policy initiatives. We are considering these responses and representations carefully and will publish full details of the protection regime in due course.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL3419 HL3420 HL3421 HL3422 question first answered 09/11/2021 12:33:41 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4533 label Biography information for Baroness Altmann