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1135298

	registered interest
	date	27/06/2019
	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
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, whether it is her Department's policy that pension schemes can already invest in funds with performance fees.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	270297
	answer	answer is ministerial correction date of answer 03/07/2019 answer text <p>Private Pension schemes which are not used for automatic enrolment are free to invest in funds with performance fees.</p><p> </p><p>To protect savers who are automatically enrolled into a pension scheme and make no choice of investment fund, the Government introduced a charge cap on 6 April 2015. Performance fees have always been subject to the charge cap. However, the way that schemes used for automatic enrolment verify compliance with the charge cap limits the use of most performance fees.</p><p> </p><p>Earlier this year DWP consulted on proposals to extend the ways that pension schemes verify compliance with the charge cap to accommodate performance fees (<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>), as long as members invested over the whole year were not charged more than 0.75% of their funds under management or an equivalent combination charge.</p><p> </p><p>Our consultation met with broad support. We are considering next steps, but we do not intend to remove performance fees – in any form – from the automatic enrolment charge cap.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 03/07/2019 14:05:10 answering member 4142 label Biography information for Guy Opperman previous answer version 126653 answering member constituency Hexham answering member printed Guy Opperman answering member 4142 label Biography information for Guy Opperman
	tabling member	491 label Biography information for Dame Angela Eagle

1135300

	registered interest
	date	27/06/2019
	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	Workplace Pensions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, if she will make it her Department's policy to continue to include performance fees within the pensions charge cap.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	270298
	answer	answer is ministerial correction date of answer 03/07/2019 answer text <p>Performance fees of all types have been subject to the automatic enrolment charge cap since 6 April 2015, when the Charges and Governance regulations (<a href="http://www.legislation.gov.uk/2015/879" target="_blank">http://www.legislation.gov.uk/2015/879</a> ) came into force.</p><p>It remains our policy that these fees should be subject to the cap. Savers who join a workplace pension scheme without choosing where to save or whether to save should not pay more than 0.75% or an equivalent combination charge over the year</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 03/07/2019 13:53:03 answering member 4142 label Biography information for Guy Opperman
	tabling member	491 label Biography information for Dame Angela Eagle

1129988

	registered interest
	date	05/06/2019
	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: Consumer Information
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	260556
	answer	answer is ministerial correction date of answer 10/06/2019 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> answering member constituency Hexham answering member printed Guy Opperman question first answered 10/06/2019 15:47:35 answering member 4142 label Biography information for Guy Opperman
	tabling member	491 label Biography information for Dame Angela Eagle

1129990

	registered interest
	date	05/06/2019
	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: Consumer Information
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	260557
	answer	answer is ministerial correction date of answer 11/06/2019 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> answering member constituency Hexham answering member printed Guy Opperman question first answered 11/06/2019 16:58:07 answering member 4142 label Biography information for Guy Opperman
	tabling member	491 label Biography information for Dame Angela Eagle

1129991

	registered interest
	date	05/06/2019
	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: Consumer Information
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	260558
	answer	answer is ministerial correction date of answer 11/06/2019 answer text <p>Yes.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 11/06/2019 12:10:50 answering member 4142 label Biography information for Guy Opperman
	tabling member	491 label Biography information for Dame Angela Eagle

1129712

	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	Workplace 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 the effect of auto-enrolment on charging levels in the pensions sector.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	259885
	answer	answer is ministerial correction date of answer 11/06/2019 answer text <p>DWP’s latest pension charges survey, published in October 2017, found that most schemes charge between 0.38 and 0.54% depending on the type of pension. This is well within the 0.75% charge cap which applies to the default fund of pension schemes used for automatic enrolment.</p><p>The October 2017 charges survey can be found here:</p><p><a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/652086/pension-charges-survey-2016-charges-in-defined-contribution-pension-schemes.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/652086/pension-charges-survey-2016-charges-in-defined-contribution-pension-schemes.pdf</a></p><p>This matter is always kept under review.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 11/06/2019 16:46:18 answering member 4142 label Biography information for Guy Opperman
	tabling member	491 label Biography information for Dame Angela Eagle

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

964823

	registered interest
	date	03/09/2018
	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: Consumer Information
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, when her department plans to publish the feasibility study into the creation of a pensions dashboard.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	169086
	answer	answer is ministerial correction date of answer 06/09/2018 answer text <p>On Tuesday 4 September 2018, the Minister for Pensions published a written statement providing an update on pensions including the pensions dashboard. This can be found here: <a href="https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2018-09-04/HCWS933/" target="_blank">https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2018-09-04/HCWS933/</a></p><p> </p><p>The work that the Department has done in assessing feasibility for a pensions dashboard has made it clear that we should not underestimate the size of complexity of the challenge.</p><p>We will report shortly on the findings of the feasibility study.</p><p><strong> </strong></p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 169464 question first answered 06/09/2018 11:45:03 answering member 4142 label Biography information for Guy Opperman
	tabling member	491 label Biography information for Dame Angela Eagle

964824

	registered interest
	date	03/09/2018
	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: Consumer Information
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, whether it remains her Department's policy to create a pensions dashboard.
	tabling member constituency	Wallasey
	tabling member printed	Ms Angela Eagle
	uin	169087
	answer	answer is ministerial correction date of answer 06/09/2018 answer text <p>On Tuesday 4 September 2018, I published a written statement providing an update on pensions including the pensions dashboard. This statement can be found here: <a href="https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2018-09-04/HCWS933/" target="_blank">https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2018-09-04/HCWS933/</a></p><p>An industry-led dashboard, facilitated by Government, will harness the best of industry innovation. We will continue to engage with industry, consumer groups and other stakeholders on this model and Government will protect pension savers and personal information by legislating where necessary.</p><p> </p><p>We will shortly report on the findings of the Feasibility Study.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 169463 169729 question first answered 06/09/2018 12:11:47 answering member 4142 label Biography information for Guy Opperman
	tabling member	491 label Biography information for Dame Angela Eagle