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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

390085

	registered interest
	date	15/07/2015
	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 is the average sum held in the pension funds of people who were enrolled in a pension scheme as part of the auto-enrolment process.
	tabling member printed	Baroness Greengross
	uin	HL1497
	answer	answer is ministerial correction date of answer 21/07/2015 answer text <p /> <p>The information is not available in the format requested.</p><p><strong> </strong></p><p>Findings from the Office of National Statistics (ONS) Wealth and Asset survey show that overall, the average (median) amount of wealth held in pensions not yet in payment was £33,000 in 2010/12. There is no breakdown available to show wealth held in funds created due to Automatic Enrolment.</p><p> </p><p>DWP’s annual official statistics on workplace pension participation found that in 2014, the annual total amount saved in workplace pensions by employees eligible for Automatic Enrolment was £80.3 billion, an increase of £6.6 billion from 2012.</p> answering member printed Baroness Altmann question first answered 21/07/2015 14:04:34 answering member 4533 label Biography information for Baroness Altmann
	tabling member	2518 label Biography information for Baroness Greengross

79175

	registered interest
	date	21/07/2014
	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 is the number and percentage of people who are members of occupation pension schemes by region in (1) England, (2) Scotland, and (3) Wales.
	tabling member printed	Lord Hutton of Furness
	uin	HL1336
	answer	answer is ministerial correction date of answer 24/07/2014 answer text <p /> <p /> <p>Information on the proportions of employees with workplace pensions is collected in the Annual Survey of Hours and Earnings and published on the ONS website. <a href="http://www.ons.gov.uk/ons/rel/ashe/annual-survey-of-hours-and-earnings-pension-tables/2013-provisional-results/index.html" target="_blank">http://www.ons.gov.uk/ons/rel/ashe/annual-survey-of-hours-and-earnings-pension-tables/2013-provisional-results/index.html</a></p><p> </p><p>Figure 1 shows that overall for the UK, 49.8 per cent of employees were members of workplace pension schemes in 2013. This is an increase from 46.5 per cent in 2012 and is the biggest rise in workplace pension coverage since figures began in 1997.</p><p> </p><p>Figure 9 shows a breakdown of the proportion of employees with workplace pensions by sector and region. This shows a weak relationship between the region where the employer is located and the proportion of employees with a workplace pension. Overall membership was highest in Scotland (55.3 per cent) and lowest in East Midlands (46.7 per cent). In Wales it was 53.2 per cent.</p> answering member printed Lord Freud question first answered 24/07/2014 15:18:09 answering member 3893 label Biography information for Lord Freud
	tabling member	494 label Biography information for Lord Hutton of Furness

227419

	registered interest
	date	16/03/2015
	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 representations they or the Pensions Regulator have received about the operation of the Pensions Regulator internet portal for the registration of contacts for the automatic enrolment of employees into workplace pensions, in particular in relation to problems with the login details supplied to employers; and what steps they plan to take to rectify any such problems to enable employers to meet the 1 April deadline for registration.
	tabling member printed	Lord Stevens of Ludgate
	uin	HL5740
	answer	answer is ministerial correction date of answer 24/03/2015 answer text <p>The Pensions Regulator has received feedback from some small and micro businesses about the operation of the internet portal for automatic enrolment contact detail registration, known as the &quot;nominate a contact&quot; webpage. This feedback suggests that some users are not very familiar with their PAYE reference. The letters currently sent to customers from the Regulator protects customer data by masking the first 3 digits of their PAYE reference with asterisks and some customers are trying to enter the asterisks as part of their PAYE reference which is generating an error message.</p><p> </p><p>The Regulator is fully aware of the issue. To address it, they are updating the website to clarify exactly what to enter and including the full PAYE reference on relevant letters in future so employers have all the details they need in front of them when prompted by the letter to visit the automatic enrolment contact nomination webpage.</p> answering member printed Lord Freud question first answered 24/03/2015 13:47:18 answering member 3893 label Biography information for Lord Freud
	tabling member	2227 label Biography information for Lord Stevens of Ludgate