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1129713

	registered interest
	date	04/06/2019
	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 recent discussions she has had with the pensions sector on increasing transparency in respect of charge cap levels.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	259886
	answer	answer is ministerial correction date of answer 12/06/2019 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> answering member constituency Hexham answering member printed Guy Opperman question first answered 12/06/2019 13:52:28 answering member 4142 label Biography information for Guy Opperman
	tabling member	491 label Biography information for Dame Angela Eagle

1129714

	registered interest
	date	04/06/2019
	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 recent assessment she has made of consumer understanding of pension product charge cap levels.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	259887
	answer	answer is ministerial correction date of answer 12/06/2019 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> answering member constituency Hexham answering member printed Guy Opperman question first answered 12/06/2019 15:15:58 answering member 4142 label Biography information for Guy Opperman
	tabling member	491 label Biography information for Dame Angela Eagle

1129715

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Fees and Charges
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	259888
	answer	answer is ministerial correction date of answer 10/06/2019 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> answering member constituency Salisbury answering member printed John Glen grouped question UIN 259889 question first answered 10/06/2019 11:20:54 answering member 4051 label Biography information for John Glen
	tabling member	491 label Biography information for Dame Angela Eagle

1129716

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Fees and Charges
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	259889
	answer	answer is ministerial correction date of answer 10/06/2019 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> answering member constituency Salisbury answering member printed John Glen grouped question UIN 259888 question first answered 10/06/2019 11:20:54 answering member 4051 label Biography information for John Glen
	tabling member	491 label Biography information for Dame Angela Eagle