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1174411

registered interest
date	29/01/2020
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 there are provisions to transfer out of defined benefit pension schemes into alternative investments in Pension Schemes Bill.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	9644
answer	answer is ministerial correction date of answer 05/02/2020 answer text <p>In answering this question, the term ‘alternative investments’ is assumed to refer to investments that the individual chooses themselves, either that are unconventional in that they carry more risk, or are not typical of investments offered by personal pension schemes.</p><p> </p><p>The Pension Schemes Bill 2019-20 has no provisions that restrict how members transferring from defined benefits pensions should invest their pension rights.</p><p> </p><p>Clause 124 of the Pension Schemes Bill contains provisions to amend the statutory right to transfer and thereby restricts the types of pension arrangements under which a member can compel trustees to approve a transfer request. Members can still use their statutory right to transfer to an authorised Master Trust or an FCA authorised pension arrangement.</p><p> </p><p>In accordance with the principles of freedom and choice, members with defined benefit pension rights have the right to transfer to a defined contribution scheme to self-invest. These self-invested personal pension schemes can offer the member a range of investment funds, including alternative investments.</p><p> </p><p>Members with a cash equivalent greater than £30,000 must seek financial advice before they transfer or convert their pension rights into flexible benefits, that can be used for alternative investments. FCA rules for pension transfer advisers require that the form of investment the member is considering on transfer is considered as part of their recommendation to the member to transfer or not. However, the member retains the right to follow or ignore the advice they receive. Where trustees’ have concerns with the alternative investments in a members’ choice of destination, they should make the member aware as part of their overall requirement to carry out due diligence in the member’s interest.</p><p><strong> </strong></p> answering member constituency Hexham answering member printed Guy Opperman question first answered 05/02/2020 11:23:24 answering member 4142 label Biography information for Guy Opperman
tabling member	3928 label Biography information for Nick Smith

1140545

registered interest
date	19/07/2019
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, what plans his Department has to tackle the use of shape shifting practices by employers to avoid meeting pension obligations to employees; and if he will make a statement .
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	279430
answer	answer is ministerial correction date of answer 01/08/2019 answer text <p>The vast majority of employers are meeting their pension obligations under automatic enrolment, consistent with the legal framework established under the Pensions Act 2008. Where employers fail to comply with the law however, The Pensions Regulator (TPR) has a full range of powers to ensure employees get the pensions they are due.</p><p>TPR is aware of some employers that appear to have tried to avoid meeting their pension obligations by hiding behind a new name. TPR investigators are working to take action against offenders that try to use this tactic, and are carrying out short-notice inspections on employers that are suspected of breaching their automatic enrolment duties.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 01/08/2019 09:10:06 answering member 4142 label Biography information for Guy Opperman
tabling member	3928 label Biography information for Nick Smith

1105288

registered interest
date	26/03/2019
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: Advisory Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what assessment she has made of the level of coordination between the Pensions Regulator and the Financial Conduct Authority in relation to defined benefit pension transfer advice.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	237080
answer	answer is ministerial correction date of answer 02/04/2019 answer text <p>The DWP are urging the two organisations to work much more closely together. The Pension’s Regulator and the Financial Conduct Authority carry out their functions independently. The Pension’s Regulator launched a joint protocol with Financial Conduct Authority in January 2019. The Protocol is intended to improve coordination between the Financial Conduct Authority, The Pension’s Regulator and the Pensions Advisory Service to help pension scheme trustees to ensure their members are adequately and fully informed when considering transferring their defined benefit pensions.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 02/04/2019 16:28:51 answering member 4142 label Biography information for Guy Opperman
tabling member	3928 label Biography information for Nick Smith

1002135

registered interest
date	05/11/2018
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 Regulator: Risk Assessment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, when she plans to bring forward legislative proposals to enhance the moral hazard powers of the Pensions Regulator.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	188087
answer	answer is ministerial correction date of answer 12/11/2018 answer text <p>We have announced in the White Paper, <em>Protecting Defined Benefit Pension Schemes, </em>that we intend to introduce a stand-alone interview power and enhanced inspection powers to enable the Pensions Regulator to conduct its investigations in a more efficient way.</p><p> </p><p>The Government’s recent consultation on a stronger Pensions Regulator asked for views on proposals to strengthen the Pensions Regulator’s powers, including specifically enhancing its anti-avoidance powers, which deal with moral hazard. We are considering the responses and hope to publish our conclusions shortly, with a view to taking forward any necessary legislation in due course.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 188088 question first answered 12/11/2018 12:41:52 answering member 4142 label Biography information for Guy Opperman
tabling member	3928 label Biography information for Nick Smith

1002136

registered interest
date	05/11/2018
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 Regulator: Powers
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 bring forward legislative proposals to enhance the (a) information-gathering and (b) anti-avoidance powers of the Pensions Regulator.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	188088
answer	answer is ministerial correction date of answer 12/11/2018 answer text <p>We have announced in the White Paper, <em>Protecting Defined Benefit Pension Schemes, </em>that we intend to introduce a stand-alone interview power and enhanced inspection powers to enable the Pensions Regulator to conduct its investigations in a more efficient way.</p><p> </p><p>The Government’s recent consultation on a stronger Pensions Regulator asked for views on proposals to strengthen the Pensions Regulator’s powers, including specifically enhancing its anti-avoidance powers, which deal with moral hazard. We are considering the responses and hope to publish our conclusions shortly, with a view to taking forward any necessary legislation in due course.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 188087 question first answered 12/11/2018 12:41:52 answering member 4142 label Biography information for Guy Opperman
tabling member	3928 label Biography information for Nick Smith

1002137

registered interest
date	05/11/2018
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, what progress her Department has made on proposed verification and security measures for individual users of the proposed Pensions Dashboard.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	188089
answer	answer is ministerial correction date of answer 12/11/2018 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><strong> </strong></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> answering member constituency Hexham answering member printed Guy Opperman question first answered 12/11/2018 12:45:41 answering member 4142 label Biography information for Guy Opperman
tabling member	3928 label Biography information for Nick Smith

1002138

registered interest
date	05/11/2018
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 the participation of pension schemes in the Pensions Dashboard will be compulsory.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	188090
answer	answer is ministerial correction date of answer 12/11/2018 answer text <p>As set out in the Autumn Budget, DWP will consult on the detailed design for pensions dashboards, and on how an industry-led approach could harness innovation while protecting consumers. As part of the consultation, due to be published shortly, the Department will explore how to maximise the participation of pension schemes.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 12/11/2018 12:44:09 answering member 4142 label Biography information for Guy Opperman
tabling member	3928 label Biography information for Nick Smith

911261

registered interest
date	24/05/2018
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	Pension Protection Fund
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, whether her Department plans to increase the level of compensation payable by the Pension Protection Fund.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	147872
answer	answer is ministerial correction date of answer 04/06/2018 answer text <p>The Labour government set up the Pension Protection Fund (PPF) to pay a meaningful level of compensation to DB scheme members where the sponsoring employer becomes insolvent.</p><p> </p><p>The PPF is fundamentally funded by a levy on eligible schemes. Therefore, any decision to increase either the level of compensation, or to provide inflation increases to pensions built up before April 1997, would result in significant increases to levy payers. It is not proposed to change the present law.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 147873 147874 question first answered 04/06/2018 10:53:51 answering member 4142 label Biography information for Guy Opperman
tabling member	3928 label Biography information for Nick Smith

911262

registered interest
date	24/05/2018
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	Pension Protection Fund
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what assessment she has made of the potential merits of providing inflation-linked increases to the amounts payable by the Pension Protection Fund to people with pre-April 1997 pensionable service.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	147873
answer	answer is ministerial correction date of answer 04/06/2018 answer text <p>The Labour government set up the Pension Protection Fund (PPF) to pay a meaningful level of compensation to DB scheme members where the sponsoring employer becomes insolvent.</p><p> </p><p>The PPF is fundamentally funded by a levy on eligible schemes. Therefore, any decision to increase either the level of compensation, or to provide inflation increases to pensions built up before April 1997, would result in significant increases to levy payers. It is not proposed to change the present law.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 147872 147874 question first answered 04/06/2018 10:53:51 answering member 4142 label Biography information for Guy Opperman
tabling member	3928 label Biography information for Nick Smith

911263

registered interest
date	24/05/2018
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	Pension Protection Fund
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what estimate she has made of the cost of extending inflation-linked increases to the amounts payable by the Pension Protection Fund to people with pre-April 1997 pensionable service.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	147874
answer	answer is ministerial correction date of answer 04/06/2018 answer text <p>The Labour government set up the Pension Protection Fund (PPF) to pay a meaningful level of compensation to DB scheme members where the sponsoring employer becomes insolvent.</p><p> </p><p>The PPF is fundamentally funded by a levy on eligible schemes. Therefore, any decision to increase either the level of compensation, or to provide inflation increases to pensions built up before April 1997, would result in significant increases to levy payers. It is not proposed to change the present law.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 147872 147873 question first answered 04/06/2018 10:53:51 answering member 4142 label Biography information for Guy Opperman
tabling member	3928 label Biography information for Nick Smith