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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 thismore than 2019-06-12T12:13:56.467Z
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
1129985
star this property registered interest false more like this
star this property date less than 2019-06-05more like thisremove minimum value filter
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 Pensioners: Income 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 recent assessment he has made of the ability of consumers to make an informed choice when accessing retirement income 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 260554 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>The Government recognises that people need the right support and guidance to make decisions that best suit their evolving personal circumstances. That is why the Government introduced Pension Wise, a service provided by the Money and Pensions Service (MAPS) that offers everyone aged 50 and over who has a defined contribution pension, free and impartial guidance on their range of available choices at retirement.</p><p> </p><p>The Financial Conduct Authority (FCA) found in its Retirement Outcomes Review in 2018 that consumer engagement in the retirement market is low and there are low levels of shopping around. As part of remedies to improve this, the FCA has set new requirements for pension providers to send more frequent ‘wake-up packs’ to their consumers, which include a summary of their open market options.</p><p> </p><p>The Money Advice Service (provided by MAPS) also offers a guaranteed income product comparator tool and is developing a drawdown comparator tool, to make it easier for consumers to compare the different options available to them.</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 question first answered
less than 2019-06-10T11:08:05.463Zmore like thismore than 2019-06-10T11:08:05.463Z
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
1129987
star this property registered interest false more like this
star this property date less than 2019-06-05more like thisremove minimum value filter
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 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 assessment he has made of the adequacy of the regulatory and governance standards in the pensions industry in ensuring that drawdown products are appropriate 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 260555 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>The Financial Conduct Authority (FCA) is the regulator of pensions decumulation products, including drawdown products.</p><p> </p><p>The FCA conducted the Retirement Outcomes Review into the retirement income market, publishing the final report in 2018. The final report particularly focused on investment choices and charges in drawdown. As a result of its findings, it is introducing or consulting on a number of remedies to protect consumers from poor outcomes and promote competition in the market. These include the introduction of investment pathways and a requirement for consumers entering drawdown to receive clearer information on charges. The FCA is also currently consulting on extending the remit of Independent Governance Committees (IGCs) to investment pathways.</p><p> </p><p>As the remedies will be a significant intervention in the drawdown market, the FCA plans to conduct a detailed review of the impact of investment pathways one year after implementation to consider how well the remedy is working.</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 question first answered
less than 2019-06-10T11:10:53.693Zmore like thismore than 2019-06-10T11:10:53.693Z
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
1129988
star this property registered interest false more like this
star this property date less than 2019-06-05more like thisremove minimum value filter
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: Consumer Information 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 steps she is taking to ensure that consumer interest is central to the development of the pensions dashboard product. 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 260556 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>Pension dashboards are a priority for this government and ensuring they are delivered in the interest of consumers is of the upmost importance to us.</p><p> </p><p>That is why the Money and Pensions Service will convene an industry delivery group to oversee the development, delivery and governance of dashboards. On 3 June 2019, the Money and Pensions Service announced that Chris Curry from the Pensions Policy Institute will be the Principal of the industry delivery group, the most senior role within the group. As the Principal, he will identify and agree who in industry will sit on the delivery group to ensure they are best placed to deliver dashboards for the benefit of the consumer. The industry delivery group will be made up of stakeholders from across the industry, consumer groups, regulators and government.</p><p>Once the industry delivery group is up and running, what we expect to see from them in 2019 is to:</p><ul><li>create a roadmap for delivering the supporting architecture;</li><li>start to work with industry on agreeing data standards and schemes readiness to provide data and;</li><li>design a robust governance and security framework.</li></ul><p>In parallel we expect industry to start creating and testing consumer facing dashboards. This will help determine what information is necessary and show how it can be presented in a meaningful way that best meets the needs of the consumer. The industry delivery group must carefully consider how and when the first live dashboards are promoted to consumers.</p><p>We also set out in the government’s response to the consultation on pensions dashboards, the ten design principles which the industry delivery group must adhere to when designing the dashboard system to help ensure the privacy and security of individual’s data. These include that the system must comply with the Data Protection Act 2018 and General Data Protection Regulation and that the system must not include a central database.</p>
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 2019-06-10T15:47:35.047Zmore like thismore than 2019-06-10T15:47:35.047Z
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
1129990
star this property registered interest false more like this
star this property date less than 2019-06-05more like thisremove minimum value filter
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: Consumer Information 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 steps she is taking to ensure that consumers' state pension information is available on the pensions dashboard. 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 260557 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 2019-06-11more like thismore than 2019-06-11
star this property answer text <p>Pension dashboards are digital interfaces that will allow individuals to see their pensions savings, including their state pension information online in one place to assist them with their retirement planning.</p><p>At Budget 2018, we committed to providing state pension information via dashboards and we are working with HM Revenue &amp; Customs to make this happen at the earliest possible opportunity.</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 2019-06-11T16:58:07.143Zmore like thismore than 2019-06-11T16:58:07.143Z
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
1129991
star this property registered interest false more like this
star this property date less than 2019-06-05more like thisremove minimum value filter
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: Consumer Information 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, whether she plans to make it compulsory for pension providers to give their data to the pensions dashboard. 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 260558 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 2019-06-11more like thismore than 2019-06-11
star this property answer text <p>Yes.</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 2019-06-11T12:10:50.917Zmore like thismore than 2019-06-11T12:10:50.917Z
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