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1687014

	registered interest
	date	02/02/2024
	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	Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, if he will make an assessment of the potential merits of index linking pension payments of failed pension schemes under the (a) Financial Assistance Scheme and (b) Pension Protection Fund.
	tabling member constituency	Arfon
	tabling member printed	Hywel Williams
	uin	12794
	answer	answer is ministerial correction date of answer 07/02/2024 answer text <p>While all pensions legislation is kept under review as a matter of course, there are currently no plans to amend (a) the Financial Assistance Scheme rules on indexation or (b) the Pension Protection Fund rules on indexation. These are complex matters and require careful consideration before any changes are made.</p> answering member constituency Blackpool North and Cleveleys answering member printed Paul Maynard question first answered 07/02/2024 12:20:34 answering member 3926 label Biography information for Paul Maynard
	tabling member	1397 label Biography information for Hywel Williams

1535736

	registered interest
	date	25/10/2022
	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	Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, in what circumstances a man's pension that is subject to a Section 32 buyout policy will not pay out until the age of 65; and for what reasons there are restrictions on pensions subject to a buyout policy.
	tabling member constituency	East Ham
	tabling member printed	Sir Stephen Timms
	uin	70946
	answer	answer is ministerial correction date of answer 31/10/2022 answer text <p>A Section 32 buy-out policy is an individual contract between an individual and usually an insurance company, purchased using funds transferred from an occupational pension scheme.</p><p> </p><p>Such a contract can and may pay out before the age of 65 for a man. However, a Section 32 policy may contain a Guaranteed Minimum Pension (GMP), and where it does, it must, as a minimum, pay a GMP from age 65 for a man or 60 for a woman, regardless of investment performance. Where there are insufficient funds to pay additional benefits, a Section 32 policy may therefore pay out only the GMP from these ages. This is a valuable guarantee, as it means that a person’s retirement income cannot decline below the amount of the GMP.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 31/10/2022 17:12:20 answering member 4780 label Biography information for Laura Trott
	tabling member	163 label Biography information for Sir Stephen Timms

1550272

	registered interest
	date	09/12/2022
	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	Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, what steps his Department is taking to increase (a) private and (b) workplace pension contributions.
	tabling member constituency	Leicester South
	tabling member printed	Jonathan Ashworth
	uin	107096
	answer	answer is ministerial correction date of answer 14/12/2022 answer text <p>We have been clear that the next step for Automatic Enrolment is the implementation of the 2017 Review measures in the mid-2020s. These measures will improve pension eligibility and contribution levels, in particular for low and medium earners.</p><p> </p><p>Alongside this, we are supporting better planning for retirement saving and financial well-being – Pensions dashboards will help individuals plan for later life.</p> answering member constituency Sevenoaks answering member printed Laura Trott grouped question UIN 107097 question first answered 14/12/2022 12:33:02 answering member 4780 label Biography information for Laura Trott
	tabling member	4244 label Biography information for Jonathan Ashworth

1564482

	registered interest
	date	06/01/2023
	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	Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, with reference to the cost of living crisis, if he will make it his policy to review the decision on frozen overseas pensions.
	tabling member constituency	Belfast South
	tabling member printed	Claire Hanna
	uin	117890
	answer	answer is ministerial correction date of answer 16/01/2023 answer text <p>UK State Pensions are up-rated overseas where there is a legal requirement to do so – for example where there is a reciprocal agreement in place that allows for up-rating. The policy on up-rating is longstanding and has been supported by successive Governments for over 70 years. The Government has no plans to change this policy.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 16/01/2023 16:32:36 answering member 4780 label Biography information for Laura Trott
	tabling member	4827 label Biography information for Claire Hanna

1567987

	registered interest
	date	18/01/2023
	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	Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, how many officials are employed to administer pensions.
	tabling member constituency	Bristol North West
	tabling member printed	Darren Jones
	uin	126767
	answer	answer is ministerial correction date of answer 25/01/2023 answer text <p>All DWP colleagues employed within our Retirement Services Directorate equate to 6,460 FTE (full time equivalent) resource as of 31<sup>st</sup> December 2022. This takes into account all grades working within the Retirement Services Directorate.</p><p> </p><p>Notes:</p><ul><li>Data is correct as of 31<sup>st</sup> December 2022.</li></ul><p> </p><ul><li>Figures for Retirement Services were derived from the Department’s Activity Based Model (ABM), which provides Full Time Equivalent (FTE) figures of colleagues employed within this directorate based on point in time estimate by Line Managers.</li></ul><p> </p><ul><li>The Full Time Equivalent (FTE) figures has been rounded off to the nearest 10.</li></ul><p> </p><ul><li>The number of colleagues employed in these directorates is unpublished management information, collected and intended for internal departmental use and has not been quality assured to National Statistics or Official Statistics publication standard. As the Department holds the information, we have released it.</li></ul><p> </p><ul><li>Full Time Equivalent (FTE) figures only included colleagues employed by DWP only and does not include any external outsourced employees.</li></ul> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 25/01/2023 11:08:38 answering member 4780 label Biography information for Laura Trott
	tabling member	4621 label Biography information for Darren Jones

1605958

	registered interest
	date	21/03/2023
	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	Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, if he will make an estimate of the average amount a working person saved for their pension by the time they retired in 2022.
	tabling member constituency	Ilford North
	tabling member printed	Wes Streeting
	uin	170677
	answer	answer is ministerial correction date of answer 28/03/2023 answer text <p>Individuals save in a variety of ways and draw on a range of assets with which to fund their retirement, including personal and workplace pensions. Therefore, we are unable to provide a single estimate.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 28/03/2023 11:45:07 answering member 4780 label Biography information for Laura Trott
	tabling member	4504 label Biography information for Wes Streeting

1610003

	registered interest
	date	14/04/2023
	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	Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, when he plans to publish the results of the consultation on helping savers understand their pension choices.
	tabling member constituency	North East Fife
	tabling member printed	Wendy Chamberlain
	uin	180136
	answer	answer is ministerial correction date of answer 24/04/2023 answer text <p>I want pension savers to have access to information and support that helps them to understand their retirement choices whatever their level of engagement is with their pension. That is why between June and July 2022 my department conducted a call for evidence to get an understanding of the support and information savers need when accessing their pensions in order to choose the option that meets their retirement goals and what is currently on offer.</p><p> </p><p>I am grateful for those who provided responses. My officials are currently reviewing those responses, with a view to publishing a response in due course.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 24/04/2023 15:08:47 answering member 4780 label Biography information for Laura Trott
	tabling member	4765 label Biography information for Wendy Chamberlain

1626689

	registered interest
	date	10/05/2023
	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	Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, what recent assessment he has made of (a) the potential merits of raising the minimum employer pension contribution and (b) the fairness of the proportion of pension contributions paid by (i) employees and (ii) employers.
	tabling member constituency	Batley and Spen
	tabling member printed	Kim Leadbeater
	uin	184546
	answer	answer is ministerial correction date of answer 18/05/2023 answer text <p>The current minimum contribution levels, and the split between employer and employees, were set following extensive stakeholder consultation and consensus building at the time, balancing the benefits of pensions saving with the costs to employers and individuals. No further assessment has been made since then.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 18/05/2023 14:52:17 answering member 4780 label Biography information for Laura Trott
	tabling member	4923 label Biography information for Kim Leadbeater

1648583

	registered interest
	date	28/06/2023
	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	Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, what steps he is taking to raise awareness of options for accessing defined contribution pension savings under the Pension Schemes Act (2015).
	tabling member constituency	City of Durham
	tabling member printed	Mary Kelly Foy
	uin	191663
	answer	answer is ministerial correction date of answer 06/07/2023 answer text <p>The Government is committed to ensuring that people have the support and information they need to make informed choices about their financial future. The Government ensures everyone has access to free impartial pension guidance through the Money and Pensions Service (MaPS).</p><p> </p><p>The Stronger Nudge to pensions guidance regulations, which came into force on 1 June 2022, ensures no-one will be able to access their savings through pension freedoms without having received Pension Wise guidance or opted out of receiving it. As part of the application process, schemes offer to book a Pension Wise appointment for individuals, supporting them to access the right guidance at the right time. This is likely to be one of the reasons for 16% more Pension Wise appointments attended between July 2022 and March 2023 than in the same period in 2021/22.</p><p> </p><p>The midlife MOT is supporting people in their 40s, 50s and 60s to plan their next career move and better prepare for later life by taking stock of their finances, skills and health. We are delivering this through three different channels, providing free online support; face to face to eligible Universal Credit claimants; and to employees via our private sector pilot.</p><p> </p><p>The Department is currently reviewing responses to our recent ‘Helping savers understand their pension choices’ call for evidence around the support and information savers need when accessing their pensions. We will respond to this in due course.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 06/07/2023 13:37:58 answering member 4780 label Biography information for Laura Trott
	tabling member	4753 label Biography information for Mary Kelly Foy

1656717

	registered interest
	date	01/09/2023
	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	Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, when he plans to publish a response to the call for evidence entitled Helping savers understand their pension choices, updated on 11 July 2023.
	tabling member constituency	City of Durham
	tabling member printed	Mary Kelly Foy
	uin	196461
	answer	answer is ministerial correction date of answer 07/09/2023 answer text <p>The Helping savers understand their pension choices consultation closed on the 5 September 2023.</p><p> </p><p>Government will analyse and consider the responses received after the closing date and will publish our response as soon as is practical after this.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 07/09/2023 15:01:06 answering member 4780 label Biography information for Laura Trott
	tabling member	4753 label Biography information for Mary Kelly Foy