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421789

registered interest
date	15/10/2015
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	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what plans they have to assist workers who change their jobs, or leave the labour force, to consolidate and aggregate small pension pots.
tabling member printed	Baroness Drake
uin	HL2660
answer	answer is ministerial correction date of answer 26/10/2015 answer text <p>I refer the Noble Baroness to the Written Statement I made on 15 October, HLWS238, which explains why the time is not right to implement a system to consolidate or aggregate small pots.</p><p>Members still have a right to request a member-initiated transfer if they want to move their pots when they change jobs or leave the labour market. To introduce a system of automatic transfers would be a significant new process for both schemes and members to get to grips with at a time when the pensions market is changing fast.</p><p>The introduction of the new State Pension, the continued implementation of automatic enrolment and the introduction of the pensions flexibilities - allowing members more freedom and choice about how and when they access their pensions are all major reforms to pension savings. I believe that the Government, providers, employers and members need to focus on these reforms to ensure their success.</p><p>The future pensions market could look different from the current one. It is important that any system of consolidation is long-lasting and reflects that future landscape.</p><p>This does not mean that the project has ended and I am very grateful for the contributions that the industry has made to this project. I fully intend to ensure that the insight gathered in our extensive engagement with industry should be applied to the model when work is restarted.</p><p> </p><p><br></p> answering member printed Baroness Altmann question first answered 26/10/2015 16:44:10 answering member 4533 label Biography information for Baroness Altmann
tabling member	4155 label Biography information for Baroness Drake

421790

registered interest
date	15/10/2015
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	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what steps they are taking to ensure value for money is achieved for the pension savings of ex-employees in cases where the employer transfers their pension pots to a pension arrangement exempt from the charge cap regulations.
tabling member printed	Baroness Drake
uin	HL2661
answer	answer is ministerial correction date of answer 26/10/2015 answer text <p>The Occupational Pension Schemes (Charges and Governance) Regulations 2015 set out the tests that an arrangement in an occupational pension scheme to which the charge cap applies must meet in order to be designated as a default.</p><p>Where an employer or trustee switches some or all members’ contributions to a new default arrangement, any funds left in the old default arrangement will continue to be subject to the cap. Where an employer transfers all their employees’ pension pots to a new scheme, contributing members will be protected by the charge cap when the new arrangement meets the test for a default as set out in the Regulations. Where this is the case, ex-employees moved into the same arrangement will also be protected where they have made a contribution after the Regulations came into force.</p><p>Furthermore, the ban on Active Member Discounts will prevent providers from increasing charges for non-contributing members beyond those imposed on a member for whom such contributions are still being made.</p><p>I would be happy to receive any evidence from the Noble Baroness about ex-employees being transferred to an exempt arrangement in occupational schemes.</p> answering member printed Baroness Altmann question first answered 26/10/2015 16:57:36 answering member 4533 label Biography information for Baroness Altmann
tabling member	4155 label Biography information for Baroness Drake

390085

registered interest
date	15/07/2015
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	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what is the average sum held in the pension funds of people who were enrolled in a pension scheme as part of the auto-enrolment process.
tabling member printed	Baroness Greengross
uin	HL1497
answer	answer is ministerial correction date of answer 21/07/2015 answer text <p /> <p>The information is not available in the format requested.</p><p><strong> </strong></p><p>Findings from the Office of National Statistics (ONS) Wealth and Asset survey show that overall, the average (median) amount of wealth held in pensions not yet in payment was £33,000 in 2010/12. There is no breakdown available to show wealth held in funds created due to Automatic Enrolment.</p><p> </p><p>DWP’s annual official statistics on workplace pension participation found that in 2014, the annual total amount saved in workplace pensions by employees eligible for Automatic Enrolment was £80.3 billion, an increase of £6.6 billion from 2012.</p> answering member printed Baroness Altmann question first answered 21/07/2015 14:04:34 answering member 4533 label Biography information for Baroness Altmann
tabling member	2518 label Biography information for Baroness Greengross