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1129713
star this property registered interest false more like this
star this property date less than 2019-06-04more like thismore than 2019-06-04
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Pensions: Fees and Charges remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Work and Pensions, what recent discussions she has had with the pensions sector on increasing transparency in respect of charge cap levels. more like this
star this property tabling member constituency Wallasey remove filter
star this property tabling member printed
Ms Angela Eagle more like this
unstar this property uin 259886 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-12more like thismore than 2019-06-12
star this property answer text <p>When the charge cap was introduced in 2015, DWP produced guidance for trustees on how to comply. Since this time DWP officials have met regularly with pension schemes and their service providers. As a result of this engagement DWP consulted earlier this year on an update to the charge cap guidance to provide more clarity for trustees on how to calculate charges.</p><p>The consultation can be found in chapter 5 in the link below:</p><p><a href="https://www.gov.uk/government/consultations/defined-contribution-pensions-investments-and-consolidation" target="_blank">https://www.gov.uk/government/consultations/defined-contribution-pensions-investments-and-consolidation</a></p><p>We are currently considering the feedback.</p> more like this
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property question first answered
less than 2019-06-12T13:52:28.63Zmore like thismore than 2019-06-12T13:52:28.63Z
unstar this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
491
star this property label Biography information for Ms Angela Eagle more like this
1129714
star this property registered interest false more like this
star this property date less than 2019-06-04more like thismore than 2019-06-04
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Pensions: Fees and Charges remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Work and Pensions, what recent assessment she has made of consumer understanding of pension product charge cap levels. more like this
star this property tabling member constituency Wallasey remove filter
star this property tabling member printed
Ms Angela Eagle more like this
unstar this property uin 259887 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-12more like thismore than 2019-06-12
star this property answer text <p>In February 2018 the DWP laid regulations to require trustees of occupational defined contribution schemes to publish their charges and costs annually online, and to tell members via their annual benefit statement where this information is available. There is no specific consumer survey but the charge cap holds charges down.</p> more like this
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property question first answered
less than 2019-06-12T15:15:58.533Zmore like thismore than 2019-06-12T15:15:58.533Z
unstar this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
491
star this property label Biography information for Ms Angela Eagle more like this
1129715
star this property registered interest false more like this
star this property date less than 2019-06-04more like thismore than 2019-06-04
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Pensions: Fees and Charges remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, if he will make it his policy for pension providers to produce standardised communications for charges on pension products for consumers. more like this
star this property tabling member constituency Wallasey remove filter
star this property tabling member printed
Ms Angela Eagle more like this
unstar this property uin 259888 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-10more like thismore than 2019-06-10
star this property answer text <p>In June 2018, the Financial Conduct Authority (FCA) published its Retirement Outcomes Review final report. This two-year study assessed how the retirement income market has evolved following the introduction of pension freedoms. The review found that drawdown charges are complex, not consistent between providers, and can vary substantially across providers.</p><p> </p><p>In response, the FCA is introducing a range of new measures, including a requirement for consumers entering drawdown to receive a first-year charge figure in pounds and pence terms. The FCA has also recently consulted on introducing a requirement for firms to provide annual information on costs and charges expressed in pounds and pence terms.</p><p> </p><p>As the market is continuing to evolve, the FCA did not propose introducing a charge cap at this stage. The FCA expects the market to deliver competitive charges and is highly likely to move towards a cap if it does not.</p><p> </p><p>The government welcomes the FCA’s work in this area, and stands ready to work with industry and the FCA to ensure consumer demands are being met, and any potential barriers to a thriving, competitive market can be addressed.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN 259889 more like this
star this property question first answered
less than 2019-06-10T11:20:54.423Zmore like thismore than 2019-06-10T11:20:54.423Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
491
star this property label Biography information for Ms Angela Eagle more like this
1129716
star this property registered interest false more like this
star this property date less than 2019-06-04more like thismore than 2019-06-04
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Pensions: Fees and Charges remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, if he will make it his policy to introduce a charging cap on the draw down of pension products. more like this
star this property tabling member constituency Wallasey remove filter
star this property tabling member printed
Ms Angela Eagle more like this
unstar this property uin 259889 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-10more like thismore than 2019-06-10
star this property answer text <p>In June 2018, the Financial Conduct Authority (FCA) published its Retirement Outcomes Review final report. This two-year study assessed how the retirement income market has evolved following the introduction of pension freedoms. The review found that drawdown charges are complex, not consistent between providers, and can vary substantially across providers.</p><p> </p><p>In response, the FCA is introducing a range of new measures, including a requirement for consumers entering drawdown to receive a first-year charge figure in pounds and pence terms. The FCA has also recently consulted on introducing a requirement for firms to provide annual information on costs and charges expressed in pounds and pence terms.</p><p> </p><p>As the market is continuing to evolve, the FCA did not propose introducing a charge cap at this stage. The FCA expects the market to deliver competitive charges and is highly likely to move towards a cap if it does not.</p><p> </p><p>The government welcomes the FCA’s work in this area, and stands ready to work with industry and the FCA to ensure consumer demands are being met, and any potential barriers to a thriving, competitive market can be addressed.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN 259888 more like this
star this property question first answered
less than 2019-06-10T11:20:54.47Zmore like thismore than 2019-06-10T11:20:54.47Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
491
star this property label Biography information for Ms Angela Eagle more like this