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1668911

	registered interest
	date	09/11/2023
	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	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, what assessment he has made of the potential merits of introducing an opt-out option for members of pension schemes with safeguarded benefits who are required to take advice under section 48 of the Pension Schemes Act 2015.
	tabling member constituency	Linlithgow and East Falkirk
	tabling member printed	Martyn Day
	uin	1198
	answer	answer is ministerial correction date of answer 15/11/2023 answer text <p>The overarching objective of the advice requirement is to ensure that members understand the financial implications of transferring to a scheme with flexible benefits. The process enables a clear view of the choices available to the individual and the longer term risks attached to accessing flexible benefits.</p><p> </p><p>The government has to consider the needs of all pension savers regardless of their individual circumstances and it believes that enabling members to make informed investment decisions will yield greater long term financial stability for the individual. It is not therefore policy to introduce an opt out option to this part of the transfer process.</p><p> </p><p>In forming this view, DWP has engaged with pensions industry bodies, the regulators and consumer groups to review The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations 2017. The review considered how the advice requirement is working in practice and if there are any unintended consequences. A report of the review was published in June 2023 and is available on gov.uk.</p><p> </p><p>Whilst the report concluded that the existing measures remain appropriate and effective, the department will continue to work closely with HMT and FCA to consider changes to the regulations that will improve the transfer process whilst ensuring that members continue to receive an appropriate level of protection and support.</p><p /><p><strong> </strong></p><p><strong> </strong></p><p><strong> </strong></p><p><strong> </strong></p> answering member constituency Blackpool North and Cleveleys answering member printed Paul Maynard question first answered 15/11/2023 16:03:59 answering member 3926 label Biography information for Paul Maynard
	tabling member	4488 label Biography information for Martyn Day

1639848

	registered interest
	date	23/05/2023
	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	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, whether he has made an assessment of the implications for his Department's policies of requiring employees who have opted out of a workplace pension scheme to be automatically re-enrolled every three years.
	tabling member constituency	Linlithgow and East Falkirk
	tabling member printed	Martyn Day
	uin	186527
	answer	answer is ministerial correction date of answer 30/05/2023 answer text <p>The government continues to advocate for the importance of pension saving which offers greater financial resilience in later life. Automatic Enrolment (AE) has transformed pension participation rates, with 86% of eligible private sector employees saving into a workplace pension in 2021, up from 42% in 2012.</p><p> </p><p>AE was deliberately designed with an opt-out to give people choice, enabling them to decide if saving for a pension is right for them given their circumstances and affordability.</p><p> </p><p>This is why when an individual makes the decision to pause or cease contributions, the AE framework requires their employer to re-assess and re-enol their eligible employees every three years, which prevents individuals from falling out of pension saving in the medium to long term.</p><p> </p><p>The re-enrolment regime has been successful, seeing 1 million eligible job holders automatically re-enrolled since the introduction of AE in 2012.</p><p> </p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 30/05/2023 14:47:55 answering member 4780 label Biography information for Laura Trott
	tabling member	4488 label Biography information for Martyn Day

1639849

	registered interest
	date	23/05/2023
	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	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, what assessment he has made of the potential merits of requiring employers to provide information on workplace pension (a) automatic enrolment and (b) opt-out notices in a non-digital format to assist employees without access to digital communications.
	tabling member constituency	Linlithgow and East Falkirk
	tabling member printed	Martyn Day
	uin	186528
	answer	answer is ministerial correction date of answer 30/05/2023 answer text <p>There are no plans to place an additional statutory requirement on businesses to provide non-digital opt-out notices and information on automatic enrolment (AE). Detailed guidance from The Pensions Regulator (TPR) specifically asks employers to consider the appropriateness of the format of the information they are providing to their workers (such as digital access). This is ultimately a choice for individual employers and pension schemes to make based on their own circumstances and considering employee/member needs.</p><p> </p><p>Further guidance from TPR is available to aid employers in fulfilling their AE obligations, including on providing information on AE and the right to opt-out (at section 5). This guidance is available here: <a href="https://www.thepensionsregulator.gov.uk/en/document-library/automatic-enrolment-detailed-guidance/resources-information-to-workers" target="_blank">Information to workers - automatic enrolment detailed guidance for employers | The Pensions Regulator</a></p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 30/05/2023 14:49:40 answering member 4780 label Biography information for Laura Trott
	tabling member	4488 label Biography information for Martyn Day