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754257

	registered interest
	date	19/07/2017
	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: Self-employed
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, what plans he has to bring self-employed workers into auto enrollment.
	tabling member constituency	Stockton North
	tabling member printed	Alex Cunningham
	uin	6007
	answer	answer is ministerial correction date of answer 06/09/2017 answer text <p>The Department is undertaking a review of the policy and operation of automatic enrolment, supported by an external Advisory Group. I refer you to the scope of this review set out by my Hon Friend Richard Harrington MP on 12 Dec 2016. It will look at the diverse group of self-employed people and how they might be better enabled to save for their retirement. The review report will be laid before Parliament at the end of the year.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 06/09/2017 10:16:01 answering member 4142 label Biography information for Guy Opperman
	tabling member	4122 label Biography information for Alex Cunningham

754249

	registered interest
	date	19/07/2017
	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, when the Government plans to publish its White Paper on defined benefit pensions.
	tabling member constituency	Stockton North
	tabling member printed	Alex Cunningham
	uin	6018
	answer	answer is ministerial correction date of answer 05/09/2017 answer text <p>The Government intends to publish a White Paper on Defined Benefit pensions this coming winter.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 05/09/2017 10:53:41 answering member 4142 label Biography information for Guy Opperman
	tabling member	4122 label Biography information for Alex Cunningham

754253

	registered interest
	date	19/07/2017
	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 steps he is taking to ensure that workers receive clear information about their pensions pots.
	tabling member constituency	Stockton North
	tabling member printed	Alex Cunningham
	uin	6020
	answer	answer is ministerial correction date of answer 05/09/2017 answer text <p>Legislation currently requires pension schemes to provide annual information and illustrations to scheme members about their pension pots. We are considering how members should be informed of the costs and charges that effect their pension savings.</p><p> </p><p>As part of the review of automatic enrolment we are looking at where more effective engagement could drive greater personal ownership and enable people to understand and maximise their savings. This review is due to report to Parliament at the end of the year.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 05/09/2017 10:57:29 answering member 4142 label Biography information for Guy Opperman
	tabling member	4122 label Biography information for Alex Cunningham

754254

	registered interest
	date	19/07/2017
	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 steps he is taking to reduce explicit and implicit costs for workers saving into pensions.
	tabling member constituency	Stockton North
	tabling member printed	Alex Cunningham
	uin	6021
	answer	answer is ministerial correction date of answer 05/09/2017 answer text <p>By 2018, around 10 million people will be saving or saving more into pensions as a result of automatic enrolment. The Government wants to ensure that people who are automatically enrolled are protected from high and unfair charges. This is why in April 2015 we introduced a cap of 0.75% on administration charges for people who are invested in the default fund of schemes used for automatic enrolment. We have also taken steps to cap or ban early exit charges in occupational pension schemes, as these can act as a barrier to individuals wishing to access the pension freedoms. We have also banned member-borne commission charges in workplace pension schemes used for automatic enrolment.</p><p> </p><p>We are currently examining the level of the charge cap to see whether it should change and whether some or all the costs associated with investment transactions should also be covered. The Government expects to conclude its examination by the end of this year.</p><p> </p><p>In 2016, the Department for Work and Pensions and the Financial Conduct Authority (FCA) undertook a joint review on industry progress in reducing charge levels in older, so-called legacy pension schemes. The report published in December 2016 found that over 1 million customers have benefitted, or will soon benefit, from a reduction in costs and charges to 1% or lower. The Government and FCA wrote to these pension providers earlier this year challenging them to make further improvements. The Government is pleased with the progress so far and we and the FCA will continue to work with providers to ensure, wherever possible, that all members of these legacy schemes benefit from reduced charges.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 05/09/2017 10:58:49 answering member 4142 label Biography information for Guy Opperman
	tabling member	4122 label Biography information for Alex Cunningham

754258

	registered interest
	date	19/07/2017
	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 steps he is taking to secure a full transparent market for asset purchase and sales.
	tabling member constituency	Stockton North
	tabling member printed	Alex Cunningham
	uin	6008
	answer	answer is ministerial correction date of answer 06/09/2017 answer text <p>It is important that pension savers know the costs and charges they are paying and the government is committed to making this happen. We want pension scheme members to have confidence that there are no hidden charges or fees being taken from their pots.</p><p> </p><p>Since 2015, we have required occupational and personal workplace pension schemes offering money purchase benefits, including master trust schemes, to produce an annual statement, which is available to members; which sets out the level of charges and, as far as they are able, transaction costs applicable to all funds; and the extent to which these charges and costs represent good value for members.</p><p> </p><p>It has previously been difficult for schemes to obtain information about the charges and transaction costs they incur. The Financial Conduct Authority (FCA) consulted last year on proposals requiring asset managers to disclose this information to trustees of occupational schemes offering money purchase benefits, and the governance committees for workplace personal pensions.</p><p> </p><p>The FCA will publish a Policy Statement later in the year setting out the final rules and guidance to disclose costs in a standardised format. We then intend to consult on how we can provide information about these costs and charges to the members of occupational schemes and to publish it. The FCA will, thereafter, introduce similar provisions for personal workplace pension schemes members.</p><p> </p><p>The FCA’s Asset Management Market Study indicated that there are significant issues with the way the investment market works. Savers, trustees, and scheme sponsors need a transparent, competitive and cost-effective investment market to provide for their security in later life and to keep their pension provision affordable. We will be studying the recommendations and proposed remedies closely to see what else government can do to support the FCA’s vital work in this area, which could deliver favourable outcomes for pension savers.</p><p> </p><p>To drive competitive pressure on asset managers the FCA recommended we look at barriers to scheme consolidation. We know that smaller pension schemes may not be able to negotiate or drive lower prices within this market, which in turn can lead to better outcomes for savers. Following a recent Call for Evidence, we are actively considering ways that we can simplify scheme consolidation and enable pension scheme scale to develop further.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 6009 6011 6012 6381 6382 question first answered 06/09/2017 10:27:04 answering member 4142 label Biography information for Guy Opperman
	tabling member	4122 label Biography information for Alex Cunningham

754252

	registered interest
	date	19/07/2017
	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	State Pension Age Independent Review
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, when the Government plans to publish its response to the Cridland review.
	tabling member constituency	Stockton North
	tabling member printed	Alex Cunningham
	uin	6019
	answer	answer is ministerial correction date of answer 05/09/2017 answer text <p>The review was published on Wednesday 19 July 2017. Please find the below web link to the published report.</p><p> </p><p><a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/630065/state-pension-age-review-final-report.pdf" target="_blank">Governments State pension age review final report</a></p> answering member constituency Hexham answering member printed Guy Opperman question first answered 05/09/2017 10:56:28 answering member 4142 label Biography information for Guy Opperman
	tabling member	4122 label Biography information for Alex Cunningham

754262

	registered interest
	date	19/07/2017
	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: Fees and Charges
	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 end the practice of hidden fees being taken from pension pots by asset managers.
	tabling member constituency	Stockton North
	tabling member printed	Alex Cunningham
	uin	6012
	answer	answer is ministerial correction date of answer 06/09/2017 answer text <p>It is important that pension savers know the costs and charges they are paying and the government is committed to making this happen. We want pension scheme members to have confidence that there are no hidden charges or fees being taken from their pots.</p><p> </p><p>Since 2015, we have required occupational and personal workplace pension schemes offering money purchase benefits, including master trust schemes, to produce an annual statement, which is available to members; which sets out the level of charges and, as far as they are able, transaction costs applicable to all funds; and the extent to which these charges and costs represent good value for members.</p><p> </p><p>It has previously been difficult for schemes to obtain information about the charges and transaction costs they incur. The Financial Conduct Authority (FCA) consulted last year on proposals requiring asset managers to disclose this information to trustees of occupational schemes offering money purchase benefits, and the governance committees for workplace personal pensions.</p><p> </p><p>The FCA will publish a Policy Statement later in the year setting out the final rules and guidance to disclose costs in a standardised format. We then intend to consult on how we can provide information about these costs and charges to the members of occupational schemes and to publish it. The FCA will, thereafter, introduce similar provisions for personal workplace pension schemes members.</p><p> </p><p>The FCA’s Asset Management Market Study indicated that there are significant issues with the way the investment market works. Savers, trustees, and scheme sponsors need a transparent, competitive and cost-effective investment market to provide for their security in later life and to keep their pension provision affordable. We will be studying the recommendations and proposed remedies closely to see what else government can do to support the FCA’s vital work in this area, which could deliver favourable outcomes for pension savers.</p><p> </p><p>To drive competitive pressure on asset managers the FCA recommended we look at barriers to scheme consolidation. We know that smaller pension schemes may not be able to negotiate or drive lower prices within this market, which in turn can lead to better outcomes for savers. Following a recent Call for Evidence, we are actively considering ways that we can simplify scheme consolidation and enable pension scheme scale to develop further.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 6008 6009 6011 6381 6382 question first answered 06/09/2017 10:27:04 answering member 4142 label Biography information for Guy Opperman
	tabling member	4122 label Biography information for Alex Cunningham

754260

	registered interest
	date	19/07/2017
	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 Melbourne Mercer Global Pension Index, for what reasons pensioners in countries such as the Netherlands receive a 50 per cent higher income in retirement than their British counterparts.
	tabling member constituency	Stockton North
	tabling member printed	Alex Cunningham
	uin	6010
	answer	answer is ministerial correction date of answer 06/09/2017 answer text <p>Although international comparisons are insightful it is difficult to draw a direct parallel due to different historical impacts and systems.</p><p> </p><p>The Government has and is continuing to work hard to ensure financial security in later life.</p><p>The UK system is based on a foundation income from the State in the form of the new State Pension, with provision above that from private saving, facilitated by auto-enrolment and pensions flexibilities. Thanks to triple lock, in April 2017, the basic state pension was over £1200 a year higher than it was in April 2010. The government is committed to the triple lock for the remainder of this parliament. The basic state pension it is now at one of its highest rates relative to earnings for over two decades, reversing a trend of decline we saw between 1997 and 2010.</p><p> </p><p>Recent reforms to private pensions including the introduction of Automatic Enrolment are also helping to improve retirement outcomes for future generations.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 06/09/2017 10:37:10 answering member 4142 label Biography information for Guy Opperman
	tabling member	4122 label Biography information for Alex Cunningham

754247

	registered interest
	date	19/07/2017
	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	Pension Credit: Eligibility
	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 ensure that all those people eligible for pension credit are aware of their eligibility.
	tabling member constituency	Stockton North
	tabling member printed	Alex Cunningham
	uin	6056
	answer	answer is ministerial correction date of answer 05/09/2017 answer text <p>We are committed to ensuring that older people receive the support they are entitled to and the Department targets activity on engaging with people who may be eligible at pivotal stages such as when they claim State Pension or report a change in their circumstances.</p><p> </p><p>We use a wide range of channels to communicate information about Pension Credit to potential customers; including information on gov.uk, in leaflets and by telephone.</p><p> </p><p>We believe that one of the best ways to reach those eligible customers who may be reluctant to claim is through trusted messengers working in the community and DWP provides a web-based Pension Credit toolkit at <a href="https://www.gov.uk/government/publications/pension-credit-toolkit" target="_blank">https://www.gov.uk/government/publications/pension-credit-toolkit</a> containing a range of resources for anyone working with pensioners. It contains guides to Pension Credit, examples of the reasons why eligible customers might not claim, ideas for encouraging take-up, and makes available a range of publicity material.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 05/09/2017 11:02:56 answering member 4142 label Biography information for Guy Opperman
	tabling member	4122 label Biography information for Alex Cunningham

754259

	registered interest
	date	19/07/2017
	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	Investment: Fees and Charges
	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 identified the cost collection templates negotiated with the Investment Association as his Department's preferred methodology for cost collection.
	tabling member constituency	Stockton North
	tabling member printed	Alex Cunningham
	uin	6009
	answer	answer is ministerial correction date of answer 06/09/2017 answer text <p>It is important that pension savers know the costs and charges they are paying and the government is committed to making this happen. We want pension scheme members to have confidence that there are no hidden charges or fees being taken from their pots.</p><p> </p><p>Since 2015, we have required occupational and personal workplace pension schemes offering money purchase benefits, including master trust schemes, to produce an annual statement, which is available to members; which sets out the level of charges and, as far as they are able, transaction costs applicable to all funds; and the extent to which these charges and costs represent good value for members.</p><p> </p><p>It has previously been difficult for schemes to obtain information about the charges and transaction costs they incur. The Financial Conduct Authority (FCA) consulted last year on proposals requiring asset managers to disclose this information to trustees of occupational schemes offering money purchase benefits, and the governance committees for workplace personal pensions.</p><p> </p><p>The FCA will publish a Policy Statement later in the year setting out the final rules and guidance to disclose costs in a standardised format. We then intend to consult on how we can provide information about these costs and charges to the members of occupational schemes and to publish it. The FCA will, thereafter, introduce similar provisions for personal workplace pension schemes members.</p><p> </p><p>The FCA’s Asset Management Market Study indicated that there are significant issues with the way the investment market works. Savers, trustees, and scheme sponsors need a transparent, competitive and cost-effective investment market to provide for their security in later life and to keep their pension provision affordable. We will be studying the recommendations and proposed remedies closely to see what else government can do to support the FCA’s vital work in this area, which could deliver favourable outcomes for pension savers.</p><p> </p><p>To drive competitive pressure on asset managers the FCA recommended we look at barriers to scheme consolidation. We know that smaller pension schemes may not be able to negotiate or drive lower prices within this market, which in turn can lead to better outcomes for savers. Following a recent Call for Evidence, we are actively considering ways that we can simplify scheme consolidation and enable pension scheme scale to develop further.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 6008 6011 6012 6381 6382 question first answered 06/09/2017 10:27:04 answering member 4142 label Biography information for Guy Opperman
	tabling member	4122 label Biography information for Alex Cunningham