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1130880
star this property registered interest false more like this
star this property date less than 2019-06-10more like thismore than 2019-06-10
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 Occupational Pensions more like this
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, what steps his Department is taking to ensure that (a) investment choices available to workplace pension customers are regularly reviewed by Independent Governance Committees and (b) those investment choices are aligned with the interests of customers. 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 262255 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 2019-06-13more like thismore than 2019-06-13
star this property answer text <p>The Financial Conduct Authority (FCA) introduced rules in 2015 to require contract-based pension providers to set up independent governance committees (IGCs) to address poor consumer outcomes.</p><p>IGCs have a duty to scrutinise the value for money of the provider’s workplace personal pension schemes, taking into account transaction costs, raising concerns and making recommendations to the provider’s board as appropriate. IGCs have a duty to assess whether all the investment choices available, including default options, are suitable for the interests of consumers.</p><p>In 2016, the FCA reviewed IGCs and found that they were “generally effective” in influencing and advancing cost reductions for members. The review also found that the Independent Project Board’s work in auditing high legacy charges and implementing IGCs had been successful. As a result, a substantial majority of consumers received improved outcomes regarding costs and charges, with 1m consumers receiving reduced costs and charges.</p><p>The FCA has announced that it will undertake a further review of IGCs in 2019/20.</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
262256 more like this
262257 more like this
star this property question first answered
less than 2019-06-13T13:34:39.917Zmore like thismore than 2019-06-13T13:34:39.917Z
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
1130881
star this property registered interest false more like this
star this property date less than 2019-06-10more like thismore than 2019-06-10
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 Occupational Pensions more like this
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 that Independent Governance Committees attached to contract-based workplace pensions have a duty to monitor the suitability of the retail fund choices available to scheme members. 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 262256 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 2019-06-13more like thismore than 2019-06-13
star this property answer text <p>The Financial Conduct Authority (FCA) introduced rules in 2015 to require contract-based pension providers to set up independent governance committees (IGCs) to address poor consumer outcomes.</p><p>IGCs have a duty to scrutinise the value for money of the provider’s workplace personal pension schemes, taking into account transaction costs, raising concerns and making recommendations to the provider’s board as appropriate. IGCs have a duty to assess whether all the investment choices available, including default options, are suitable for the interests of consumers.</p><p>In 2016, the FCA reviewed IGCs and found that they were “generally effective” in influencing and advancing cost reductions for members. The review also found that the Independent Project Board’s work in auditing high legacy charges and implementing IGCs had been successful. As a result, a substantial majority of consumers received improved outcomes regarding costs and charges, with 1m consumers receiving reduced costs and charges.</p><p>The FCA has announced that it will undertake a further review of IGCs in 2019/20.</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
262255 more like this
262257 more like this
star this property question first answered
remove maximum value filtermore like thismore than 2019-06-13T13:34:39.963Z
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
1130883
star this property registered interest false more like this
star this property date less than 2019-06-10more like thismore than 2019-06-10
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 Occupational Pensions more like this
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 his Department will make an assessment of the potential conflict of interests in the business model of vertically integrated companies offering retail investment platforms, asset management and workplace pensions 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 262258 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 2019-06-13more like thismore than 2019-06-13
star this property answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to the Member by letter. A copy of the letter will be placed in the Library of the House.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property question first answered
less than 2019-06-13T13:30:26.157Zmore like thismore than 2019-06-13T13:30:26.157Z
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
1130693
star this property registered interest false more like this
star this property date less than 2019-06-07more like thismore than 2019-06-07
star this property answering body
Department for Education more like this
star this property answering dept id 60 more like this
star this property answering dept short name Education more like this
star this property answering dept sort name Education more like this
star this property hansard heading Emslie Morgan Academy: Closures more like this
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 Education, what recent discussions he has had with the Regional Schools Commissioner for Yorkshire and Lancashire on the closure of Emslie Morgan Academy. 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 261478 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>My right hon. Friend, the Secretary of State for Education, has not met with the Regional Schools Commissioner (RSC) for Lancashire and West Yorkshire in relation to the closure of Emslie Morgan Academy. My noble friend, the Parliamentary Under-Secretary of State, has however discussed the closure of Emslie Morgan Academy with the RSC and officials. The decision to close Emslie Morgan Academy was taken by the department, following the careful consideration of all available options.</p> more like this
star this property answering member constituency Stratford-on-Avon more like this
star this property answering member printed Nadhim Zahawi more like this
star this property question first answered
less than 2019-06-12T12:13:56.467Zmore like thisremove minimum value filter
unstar this property answering member
4113
star this property label Biography information for Nadhim Zahawi more like this
star this property tabling member
491
star this property label Biography information for Ms Angela Eagle more like this
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 more like this
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 more like this
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