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797853

registered interest
date	30/11/2017
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 discussions he has had with representatives of the pensions industry on improving guidance and information on pensions provided to people at retirement age.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	116760
answer	answer is ministerial correction date of answer 07/12/2017 answer text <p>Ministers and officials of the Department regularly meet with representatives from the pensions industry and will continue to do so ahead of the introduction of the new single financial guidance body and development of the pensions dashboard. The Single Financial Guidance Body aims to simplify the existing public financial guidance landscape, including pensions guidance, and will provide even more opportunities to support people to make better informed decisions about their pension. The Department is committed to ensuring that there is adequate provision of high quality information and guidance for those preparing to access their pension.</p><p> </p> answering member constituency Hexham answering member printed Guy Opperman question first answered 07/12/2017 16:32:20 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

797856

registered interest
date	30/11/2017
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 Wise
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what assessment he has made of the potential merits of making Pension Wise an opt-out service.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	116763
answer	answer is ministerial correction date of answer 07/12/2017 answer text <p>We are considering all options for making sure people have access to whatever source of advice or guidance they feel is right for them.</p><p> </p><p>One of the core objectives of the new Single Financial Guidance Body will be to rationalise and build on the fantastic pensions guidance that is already available. The new body will bring the expertise of the existing services together to increase take up and engagement with guidance.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 07/12/2017 16:40:40 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

790209

registered interest
date	15/11/2017
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	Tata Steel: Pensions
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what provision was made for advice to be given to members of the Tata Steel pension scheme on their pension options after the creation of the new pensions scheme; and what the cost to the public purse of that provision was.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	113174
answer	answer is ministerial correction date of answer 20/11/2017 answer text <p>The Trustee of the British Steel Pension Scheme (BSPS) is providing information to members on the effect on their pension rights of either staying in the original scheme which will move in to the Pension Protection Fund (PPF) or transferring to the new scheme. This includes newsletters, a website, bespoke option packs and access to free and impartial helplines. The Trustee cannot provide financial advice but members who may want independent advice are signposted to the <a href="http://www.unbiased.co.uk" target="_blank">www.unbiased.co.uk</a> website. They are also warned to check that the Independent Financial Advisor from whom they receive advice is authorised by the FCA to advise on defined benefit pensions by looking them up on FCA’s register. The BSPS trustee is also warning members about the risk of bad advice and scams in its communication with members.</p><p> </p><p>The Department does not provide formal advice to any pension scheme members. The Department is not authorised to provide financial advice. However, the free service provided by the Pensions Advisory Service may be able to clarify or explain information that members have received from their scheme to help them better understand their options.</p><p> </p><p>The Pensions Regulator has encouraged the BSPS trustee to repeat the warnings to members at the ongoing road show meetings it is holding with members to ensure they are fully informed about their options. The PPF has been invited to these roadshows to answer questions and provide information on how the PPF operates. The Secretary of State has not had any discussions with the PPF regarding the number of BSPS members requesting transfer valuations since this is a matter for the Trustee rather than the PPF or the Government.</p><p> </p><p>Government is in ongoing discussion with the FCA on the issue of cold calling and wider issues concerning advice. These discussions will take account of the circumstances surrounding Tata Steel. The Financial Conduct Authority (FCA) is aware of concerns around this issue and is urgently arranging to meet the firms in Swansea that hold the permission to advise on pension transfers in order to set out their expectations of advisers. The FCA can use their supervisory tools where they suspect authorised firms of being involved in pension scams. These tools include restrictions on a firm’s permission to do certain types of business. When unauthorised firms carry on regulated pension business, the FCA has the power to investigate and take action through the criminal and civil courts.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 113175 113176 113177 question first answered 20/11/2017 12:23:30 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

790210

registered interest
date	15/11/2017
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	Tata Steel: Pensions
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, if his Department provides free advice to Tata Steel pension scheme members on their pension options.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	113175
answer	answer is ministerial correction date of answer 20/11/2017 answer text <p>The Trustee of the British Steel Pension Scheme (BSPS) is providing information to members on the effect on their pension rights of either staying in the original scheme which will move in to the Pension Protection Fund (PPF) or transferring to the new scheme. This includes newsletters, a website, bespoke option packs and access to free and impartial helplines. The Trustee cannot provide financial advice but members who may want independent advice are signposted to the <a href="http://www.unbiased.co.uk" target="_blank">www.unbiased.co.uk</a> website. They are also warned to check that the Independent Financial Advisor from whom they receive advice is authorised by the FCA to advise on defined benefit pensions by looking them up on FCA’s register. The BSPS trustee is also warning members about the risk of bad advice and scams in its communication with members.</p><p> </p><p>The Department does not provide formal advice to any pension scheme members. The Department is not authorised to provide financial advice. However, the free service provided by the Pensions Advisory Service may be able to clarify or explain information that members have received from their scheme to help them better understand their options.</p><p> </p><p>The Pensions Regulator has encouraged the BSPS trustee to repeat the warnings to members at the ongoing road show meetings it is holding with members to ensure they are fully informed about their options. The PPF has been invited to these roadshows to answer questions and provide information on how the PPF operates. The Secretary of State has not had any discussions with the PPF regarding the number of BSPS members requesting transfer valuations since this is a matter for the Trustee rather than the PPF or the Government.</p><p> </p><p>Government is in ongoing discussion with the FCA on the issue of cold calling and wider issues concerning advice. These discussions will take account of the circumstances surrounding Tata Steel. The Financial Conduct Authority (FCA) is aware of concerns around this issue and is urgently arranging to meet the firms in Swansea that hold the permission to advise on pension transfers in order to set out their expectations of advisers. The FCA can use their supervisory tools where they suspect authorised firms of being involved in pension scams. These tools include restrictions on a firm’s permission to do certain types of business. When unauthorised firms carry on regulated pension business, the FCA has the power to investigate and take action through the criminal and civil courts.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 113174 113176 113177 question first answered 20/11/2017 12:23:30 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

790211

registered interest
date	15/11/2017
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	Tata Steel: Pensions
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what discussions he has had or plans to have with the Pension Protection Fund on the number of Tata Steel pension scheme members requesting valuations to transfer their pots out of the scheme.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	113176
answer	answer is ministerial correction date of answer 20/11/2017 answer text <p>The Trustee of the British Steel Pension Scheme (BSPS) is providing information to members on the effect on their pension rights of either staying in the original scheme which will move in to the Pension Protection Fund (PPF) or transferring to the new scheme. This includes newsletters, a website, bespoke option packs and access to free and impartial helplines. The Trustee cannot provide financial advice but members who may want independent advice are signposted to the <a href="http://www.unbiased.co.uk" target="_blank">www.unbiased.co.uk</a> website. They are also warned to check that the Independent Financial Advisor from whom they receive advice is authorised by the FCA to advise on defined benefit pensions by looking them up on FCA’s register. The BSPS trustee is also warning members about the risk of bad advice and scams in its communication with members.</p><p> </p><p>The Department does not provide formal advice to any pension scheme members. The Department is not authorised to provide financial advice. However, the free service provided by the Pensions Advisory Service may be able to clarify or explain information that members have received from their scheme to help them better understand their options.</p><p> </p><p>The Pensions Regulator has encouraged the BSPS trustee to repeat the warnings to members at the ongoing road show meetings it is holding with members to ensure they are fully informed about their options. The PPF has been invited to these roadshows to answer questions and provide information on how the PPF operates. The Secretary of State has not had any discussions with the PPF regarding the number of BSPS members requesting transfer valuations since this is a matter for the Trustee rather than the PPF or the Government.</p><p> </p><p>Government is in ongoing discussion with the FCA on the issue of cold calling and wider issues concerning advice. These discussions will take account of the circumstances surrounding Tata Steel. The Financial Conduct Authority (FCA) is aware of concerns around this issue and is urgently arranging to meet the firms in Swansea that hold the permission to advise on pension transfers in order to set out their expectations of advisers. The FCA can use their supervisory tools where they suspect authorised firms of being involved in pension scams. These tools include restrictions on a firm’s permission to do certain types of business. When unauthorised firms carry on regulated pension business, the FCA has the power to investigate and take action through the criminal and civil courts.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 113174 113175 113177 question first answered 20/11/2017 12:23:30 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

790212

registered interest
date	15/11/2017
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	Tata Steel: Pensions
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what discussions he has had or plans to have with the Financial Conduct Authority on the specific targeting of cold calls to Tata Steel pension members by financial advisers.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	113177
answer	answer is ministerial correction date of answer 20/11/2017 answer text <p>The Trustee of the British Steel Pension Scheme (BSPS) is providing information to members on the effect on their pension rights of either staying in the original scheme which will move in to the Pension Protection Fund (PPF) or transferring to the new scheme. This includes newsletters, a website, bespoke option packs and access to free and impartial helplines. The Trustee cannot provide financial advice but members who may want independent advice are signposted to the <a href="http://www.unbiased.co.uk" target="_blank">www.unbiased.co.uk</a> website. They are also warned to check that the Independent Financial Advisor from whom they receive advice is authorised by the FCA to advise on defined benefit pensions by looking them up on FCA’s register. The BSPS trustee is also warning members about the risk of bad advice and scams in its communication with members.</p><p> </p><p>The Department does not provide formal advice to any pension scheme members. The Department is not authorised to provide financial advice. However, the free service provided by the Pensions Advisory Service may be able to clarify or explain information that members have received from their scheme to help them better understand their options.</p><p> </p><p>The Pensions Regulator has encouraged the BSPS trustee to repeat the warnings to members at the ongoing road show meetings it is holding with members to ensure they are fully informed about their options. The PPF has been invited to these roadshows to answer questions and provide information on how the PPF operates. The Secretary of State has not had any discussions with the PPF regarding the number of BSPS members requesting transfer valuations since this is a matter for the Trustee rather than the PPF or the Government.</p><p> </p><p>Government is in ongoing discussion with the FCA on the issue of cold calling and wider issues concerning advice. These discussions will take account of the circumstances surrounding Tata Steel. The Financial Conduct Authority (FCA) is aware of concerns around this issue and is urgently arranging to meet the firms in Swansea that hold the permission to advise on pension transfers in order to set out their expectations of advisers. The FCA can use their supervisory tools where they suspect authorised firms of being involved in pension scams. These tools include restrictions on a firm’s permission to do certain types of business. When unauthorised firms carry on regulated pension business, the FCA has the power to investigate and take action through the criminal and civil courts.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 113174 113175 113176 question first answered 20/11/2017 12:23:30 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

789187

registered interest
date	14/11/2017
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: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, pursuant to the Answer of 11 October 2017 to Question 106439, on pensions, other than Master Trusts, if the Government will establish an approved list of regulated pension schemes with regulated underlying investments that are deemed safe; and if he will make a statement.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	112927
answer	answer is ministerial correction date of answer 20/11/2017 answer text <p>It is not the Government’s role to determine whether the individual underlying investments of pension schemes are safe or not. The Government has, however, legislated to require trustees or managers of occupational pension schemes to ensure the quality and security of their scheme’s investment portfolio. This includes ensuring that scheme assets are predominantly invested in investments admitted to regulated markets.</p><p> </p><p>Pension providers of workplace personal pensions need to be authorised by the Financial Conduct Authority (FCA) in order to carry out this activity. The FCA is also responsible for the regulation of the investment market and financial advisers. FCA already holds a register of firms that are or have been regulated by them or the Prudential Regulation Authority. The register is open to the public. FCA also produces a warning list that the public, including trustees, can use to check an investment or pension opportunity to avoid scams.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 20/11/2017 12:05:42 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

782205

registered interest
date	01/11/2017
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	Pensioners: British Overseas Territories
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, if he will meet leaders of British Overseas Territories to discuss UK pensioners residing in those territories whose pensions have not been uprated.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	110861
answer	answer is ministerial correction date of answer 06/11/2017 answer text <p>I have been asked to respond on behalf of the Secretary of State.</p><p> </p><p>Invitations to Ministers are considered when they are received. However it should be noted that the policy on up-rating state pensions abroad is quite clear and has remained consistent for around 70 years; the UK State Pension is payable world wide but is only uprated abroad where there is a legal requirement to do so. Ministers and officials from this Department have discussed UK state pensions with leaders and representatives of the British Overseas Territories in recent years, including attendance at Joint Ministerial Councils.</p><p> </p><p>Officials talk on a regular basis but the UK government has not proposed a change of policy on this issue for 70 years.</p><p> </p> answering member constituency Hexham answering member printed Guy Opperman question first answered 06/11/2017 14:18:57 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

765465

registered interest
date	06/10/2017
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, what plans the Government has to establish an approved list of regulated pension schemes with regulated underlying investments that are deemed safe; and if he will make a statement.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	106439
answer	answer is ministerial correction date of answer 11/10/2017 answer text <p>Pension schemes are registered with The Pensions Regulator (TPR). This is not the same as approval.</p><p> </p><p>The exception to this ‎will be master trusts, where in due course schemes will be directly authorised by TPR. The Pension Schemes Act 2017 requires TPR to publish a list of authorised master trusts. This list will be available after authorisation commences which is expected to be in October 2018. A scheme will be authorised where TPR is satisfied that it meets the authorisation criteria on fitness and propriety, systems and processes, scheme funder, financial sustainability and continuity strategy however, TPR will not be responsible for regulating their investment strategies.</p><p> </p><p>Regulated investments are a matter for the FCA.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 11/10/2017 14:21:24 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

765468

registered interest
date	06/10/2017
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 he will bring forward legislative proposals to compel employers to inform departing employees of their pension options.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	106150
answer	answer is ministerial correction date of answer 11/10/2017 answer text <p>Legislation already requires scheme providers and trustees to provide information to members both on request and, in Defined Contribution schemes, at least annually.</p><p> </p><p>In addition legislation requires those with defined contribution savings to receive information in advance of retirement, which will also signpost members to the government’s Pension Wise service with whom members can discuss their pension options.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 11/10/2017 15:09:04 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham