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1363752

registered interest
date	26/10/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Workplace Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to their proposal to increase the normal minimum pension age from 55 to 57 in 2028, how many pension scheme members they estimate will benefit from the planned protection regime before 5 April 2023.
tabling member printed	Baroness Altmann
uin	HL3419
answer	answer is ministerial correction date of answer 09/11/2021 answer text <p>In February 2021 the government reconfirmed that normal minimum pension age (NMPA) will rise to 57 in 2028 (as announced in 2014) and published a consultation on the implementation of the increase and a proposed protection regime. That consultation received 117 responses. The government published draft legislation in July. Throughout these consultations the government has been in regular dialogue with a wide variety of stakeholders about the proposals, including the design of the protection regime and the interplay between the implementation of the Normal Minimum Pension Age and the impact on other policy initiatives. We are considering these responses and representations carefully and will publish full details of the protection regime in due course.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL3420 HL3421 HL3422 HL3423 question first answered 09/11/2021 12:33:41 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4533 label Biography information for Baroness Altmann

1363753

registered interest
date	26/10/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Workplace Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to their proposal to increase the normal minimum pension age from 55 to 57 in 2028, what estimate they have made of the number of people who will transfer existing pensions to new providers to take advantage of the planned protection regime that will be available up to 5 April 2023.
tabling member printed	Baroness Altmann
uin	HL3420
answer	answer is ministerial correction date of answer 09/11/2021 answer text <p>In February 2021 the government reconfirmed that normal minimum pension age (NMPA) will rise to 57 in 2028 (as announced in 2014) and published a consultation on the implementation of the increase and a proposed protection regime. That consultation received 117 responses. The government published draft legislation in July. Throughout these consultations the government has been in regular dialogue with a wide variety of stakeholders about the proposals, including the design of the protection regime and the interplay between the implementation of the Normal Minimum Pension Age and the impact on other policy initiatives. We are considering these responses and representations carefully and will publish full details of the protection regime in due course.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL3419 HL3421 HL3422 HL3423 question first answered 09/11/2021 12:33:41 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4533 label Biography information for Baroness Altmann

1363754

registered interest
date	26/10/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Workplace Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to their proposed introduction of a protection regime to allow pension scheme members to protect a minimum pension age of 55, how many pension accounts they expect to be opened for children before 5 April 2023 to protect a minimum pension age of 55 for their future.
tabling member printed	Baroness Altmann
uin	HL3421
answer	answer is ministerial correction date of answer 09/11/2021 answer text <p>In February 2021 the government reconfirmed that normal minimum pension age (NMPA) will rise to 57 in 2028 (as announced in 2014) and published a consultation on the implementation of the increase and a proposed protection regime. That consultation received 117 responses. The government published draft legislation in July. Throughout these consultations the government has been in regular dialogue with a wide variety of stakeholders about the proposals, including the design of the protection regime and the interplay between the implementation of the Normal Minimum Pension Age and the impact on other policy initiatives. We are considering these responses and representations carefully and will publish full details of the protection regime in due course.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL3419 HL3420 HL3422 HL3423 question first answered 09/11/2021 12:33:41 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4533 label Biography information for Baroness Altmann

1363755

registered interest
date	26/10/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
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 consult with industry on the practicalities of implementing the proposed protection regime for increasing the normal minimum pension age to 57 in April 2028.
tabling member printed	Baroness Altmann
uin	HL3422
answer	answer is ministerial correction date of answer 09/11/2021 answer text <p>In February 2021 the government reconfirmed that normal minimum pension age (NMPA) will rise to 57 in 2028 (as announced in 2014) and published a consultation on the implementation of the increase and a proposed protection regime. That consultation received 117 responses. The government published draft legislation in July. Throughout these consultations the government has been in regular dialogue with a wide variety of stakeholders about the proposals, including the design of the protection regime and the interplay between the implementation of the Normal Minimum Pension Age and the impact on other policy initiatives. We are considering these responses and representations carefully and will publish full details of the protection regime in due course.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL3419 HL3420 HL3421 HL3423 question first answered 09/11/2021 12:33:41 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4533 label Biography information for Baroness Altmann

1363756

registered interest
date	26/10/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Workplace Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the effects their planned protection regime for minimum pension ages will have on their policies for pension simplification and consumer engagement, including (1) the implications of increased complexity for simple Annual Statements, (2) the challenges for pension forecasts to be produced by Pension Dashboards, and (3) consolidation of smaller pension pots.
tabling member printed	Baroness Altmann
uin	HL3423
answer	answer is ministerial correction date of answer 09/11/2021 answer text <p>In February 2021 the government reconfirmed that normal minimum pension age (NMPA) will rise to 57 in 2028 (as announced in 2014) and published a consultation on the implementation of the increase and a proposed protection regime. That consultation received 117 responses. The government published draft legislation in July. Throughout these consultations the government has been in regular dialogue with a wide variety of stakeholders about the proposals, including the design of the protection regime and the interplay between the implementation of the Normal Minimum Pension Age and the impact on other policy initiatives. We are considering these responses and representations carefully and will publish full details of the protection regime in due course.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL3419 HL3420 HL3421 HL3422 question first answered 09/11/2021 12:33:41 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4533 label Biography information for Baroness Altmann

1358872

registered interest
date	12/10/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Individual Savings Accounts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government (1) how much money has been invested in individual savings accounts (ISAs) in total, (2) how much money has been invested in ISAs by different age groups, (3) how many individuals have invested in ISAs, and (4) what is the average amount invested in ISAs per person.
tabling member printed	Baroness Altmann
uin	HL2988
answer	answer is ministerial correction date of answer 26/10/2021 answer text <p>HMRC produces an Individual Savings Accounts (ISAs) tables document as part of its Annual savings statistics publication on Gov.uk.</p><p> </p><p>The amount invested in ISAs, how many individuals have invested in ISAs and the average amount invested in ISAs is in table 9.4. This information is on a per account basis; individuals may sign up to multiple ISA accounts.</p><p> </p><p>The number of individuals that have invested in ISAs and average amount invested per person for the 2018 to 2019 tax year can be found in table 9.11.</p><p> </p><p>An age breakdown of the money invested in ISAs can only be made available at a disproportionate cost. However, table 9.11 gives a breakdown of ISA market values by age.</p><p>The ISA Tables are found on the GOV.UK website: https://www.gov.uk/government/statistics/annual-savings-statistics</p><p> </p><p> </p> answering member printed Lord Agnew of Oulton attachment 1 file name 211014 ISA PQ B. Altmann Table 9.4 truncated.pdf title Table 9.4 2 file name 211014 ISA PQ B. Altmann Table 9.11.pdf title Table 9.1.1 question first answered 26/10/2021 11:39:01 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4533 label Biography information for Baroness Altmann

1358873

registered interest
date	12/10/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Public Sector: Workplace Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government (1) what rate of interest is applied to refunds of public sector workers’ partner pension contributions if the pension holder retires without a partner, and (2) how much money has been refunded to such pension holders for each of the past ten years.
tabling member printed	Baroness Altmann
uin	HL2989
answer	answer is ministerial correction date of answer 26/10/2021 answer text <p>Partner pension contributions are refunded with interest to members of the Classic section of the PCSPS when they leave at or after age 60 with immediate payment of pension in full if they neither married nor entered a civil partnership throughout their service, or in part for members who have been married or in a civil partnership for part of their service. The interest rate applied is currently 0.25%.</p><p> </p><p>Partner pension contributions can also be refunded in the 1981 Judicial Pension Scheme and the Judicial Pension Scheme 1993 (JUPRA). The interest rate applied in the 1981 Judicial Pension Scheme is 4% while the interest rates used in JUPRA follow those in the PCSPS.</p><p> </p><p>Data on refunds in the PCSPS in the years from 2015 to 2021 (year to date) is as follows:</p><p> </p><table><tbody><tr><td><p>Year</p></td><td><p>Total paid as WPS refund</p></td></tr><tr><td><p>2015</p></td><td><p>£26,939,123.32</p></td></tr><tr><td><p>2016</p></td><td><p>£30,835,627.79</p></td></tr><tr><td><p>2017</p></td><td><p>£26,790,088.99</p></td></tr><tr><td><p>2018</p></td><td><p>£25,628,031.08</p></td></tr><tr><td><p>2019</p></td><td><p>£25,314,289.97</p></td></tr><tr><td><p>2020</p></td><td><p>£20,698,765.32</p></td></tr><tr><td><p>2021</p></td><td><p>£19,692,619.50</p></td></tr></tbody></table><p> </p><p>Refunds in years prior to 2015 occurred under a previous administrative arrangement and so data could only be collected to a longer timeline.</p><p> </p><p>Similarly, administrators for the judicial pension schemes do not keep cumulative records of refunds awarded by year, and the second part of the question could thus only be answered to a longer timeline.</p> answering member printed Lord Agnew of Oulton question first answered 26/10/2021 16:17:02 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4533 label Biography information for Baroness Altmann

1358875

registered interest
date	12/10/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Care Homes: Older People
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they will introduce savings incentives to help people pay for elderly care.
tabling member printed	Baroness Altmann
uin	HL2991
answer	answer is ministerial correction date of answer 26/10/2021 answer text <p>The government is committed to both supporting individuals at all stages of life to save and delivering world-leading health and social care across the whole of the UK.</p><p> </p><p>The government already provides extensive support to individuals to save for retirement and later life. Individuals are currently able to save up to £20,000 each year across the four types of Individual Savings Accounts (ISAs), which offer a range of mechanisms to save or invest tax-free. This includes the Lifetime ISA which allows savers to benefit from a 25% government bonus on up to £4,000 of savings each year and supports saving towards later life. These savings, including the government bonus, can be withdrawn from the age of 60 and may be used to pay for care.</p><p> </p><p>And more broadly, for the majority of savers, pension contributions made from income during working life is tax-free. Investment growth of assets in a pension scheme is also not subject to tax and, from age 55 (or when scheme rules allow a pension to be taken), up to 25 per cent of the pension can be taken tax-free, depending on scheme rules.</p> answering member printed Lord Agnew of Oulton question first answered 26/10/2021 10:43:31 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4533 label Biography information for Baroness Altmann

1327984

registered interest
date	25/05/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Workplace Pensions: Low Pay
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what estimate have they made of the number of (1) women, and (2) men, earning less than the personal tax threshold who were automatically enrolled in workplace pension schemes which operate on net pay basis in each tax year since 2017–18.
tabling member printed	Baroness Altmann
uin	HL549
answer	answer is ministerial correction date of answer 08/06/2021 answer text HMRC cannot determine which individuals have been automatically enrolled in a workplace pension. However, HMRC estimates that 1.5m individuals earning below the personal allowance in 2018-19 made workplace pension contributions via Real time Information (RTI) using net pay arrangements. Around 75% of these individuals are estimated to be female and 25% are estimated to be male.<p> </p>The personal allowance in 2018-19 was £11,850. HMRC’s Survey of Personal Income (SPI) and administrative data was used to produce the estimates. The 2018-19 SPI (published in March 2021) is the latest year available. The SPI is published annually. answering member printed Lord Agnew of Oulton question first answered 08/06/2021 11:42:57 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4533 label Biography information for Baroness Altmann

1327985

registered interest
date	25/05/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Workplace Pensions: Low Pay
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans do they have to implement legal obligations on employers (1) to select a suitable pension scheme for low-paid workers, and (2) to inform those workers about the lower take-home pay as a result of enrolling onto a Net Pay scheme.
tabling member printed	Baroness Altmann
uin	HL550
answer	answer is ministerial correction date of answer 07/06/2021 answer text <p>The Government recognises the different impacts of the two systems of paying pension tax relief on pension contributions for workers earning below the personal allowance. The Government committed in its manifesto to review this issue and published a Call for Evidence on 21 July 2020. The Call for Evidence set out the Government’s views on proposals already put forward by stakeholders, invited further proposals, and sought views on the operation of the relief at source method of tax relief for pension contributions.</p><p>The Call for Evidence is now closed. The Government is carefully analysing this issue and the responses received to understand what deliverable options for change may exist. These responses have raised technical points that we are continuing to explore with HMRC and others. The Government will respond to the Call for Evidence in due course.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL552 question first answered 07/06/2021 12:57:34 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4533 label Biography information for Baroness Altmann