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754514

registered interest
date	20/07/2017
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: 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 steps his Department is taking to improve the transparency of pension costs.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	6382
answer	answer is ministerial correction date of answer 06/09/2017 answer text <p>It is important that pension savers know the costs and charges they are paying and the government is committed to making this happen. We want pension scheme members to have confidence that there are no hidden charges or fees being taken from their pots.</p><p> </p><p>Since 2015, we have required occupational and personal workplace pension schemes offering money purchase benefits, including master trust schemes, to produce an annual statement, which is available to members; which sets out the level of charges and, as far as they are able, transaction costs applicable to all funds; and the extent to which these charges and costs represent good value for members.</p><p> </p><p>It has previously been difficult for schemes to obtain information about the charges and transaction costs they incur. The Financial Conduct Authority (FCA) consulted last year on proposals requiring asset managers to disclose this information to trustees of occupational schemes offering money purchase benefits, and the governance committees for workplace personal pensions.</p><p> </p><p>The FCA will publish a Policy Statement later in the year setting out the final rules and guidance to disclose costs in a standardised format. We then intend to consult on how we can provide information about these costs and charges to the members of occupational schemes and to publish it. The FCA will, thereafter, introduce similar provisions for personal workplace pension schemes members.</p><p> </p><p>The FCA’s Asset Management Market Study indicated that there are significant issues with the way the investment market works. Savers, trustees, and scheme sponsors need a transparent, competitive and cost-effective investment market to provide for their security in later life and to keep their pension provision affordable. We will be studying the recommendations and proposed remedies closely to see what else government can do to support the FCA’s vital work in this area, which could deliver favourable outcomes for pension savers.</p><p> </p><p>To drive competitive pressure on asset managers the FCA recommended we look at barriers to scheme consolidation. We know that smaller pension schemes may not be able to negotiate or drive lower prices within this market, which in turn can lead to better outcomes for savers. Following a recent Call for Evidence, we are actively considering ways that we can simplify scheme consolidation and enable pension scheme scale to develop further.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 6008 6009 6011 6012 6381 question first answered 06/09/2017 10:27:04 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

754515

registered interest
date	20/07/2017
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: 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 plans he has to bring forward legislative proposals to tackle the issue of hidden costs in pension pots.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	6381
answer	answer is ministerial correction date of answer 06/09/2017 answer text <p>It is important that pension savers know the costs and charges they are paying and the government is committed to making this happen. We want pension scheme members to have confidence that there are no hidden charges or fees being taken from their pots.</p><p> </p><p>Since 2015, we have required occupational and personal workplace pension schemes offering money purchase benefits, including master trust schemes, to produce an annual statement, which is available to members; which sets out the level of charges and, as far as they are able, transaction costs applicable to all funds; and the extent to which these charges and costs represent good value for members.</p><p> </p><p>It has previously been difficult for schemes to obtain information about the charges and transaction costs they incur. The Financial Conduct Authority (FCA) consulted last year on proposals requiring asset managers to disclose this information to trustees of occupational schemes offering money purchase benefits, and the governance committees for workplace personal pensions.</p><p> </p><p>The FCA will publish a Policy Statement later in the year setting out the final rules and guidance to disclose costs in a standardised format. We then intend to consult on how we can provide information about these costs and charges to the members of occupational schemes and to publish it. The FCA will, thereafter, introduce similar provisions for personal workplace pension schemes members.</p><p> </p><p>The FCA’s Asset Management Market Study indicated that there are significant issues with the way the investment market works. Savers, trustees, and scheme sponsors need a transparent, competitive and cost-effective investment market to provide for their security in later life and to keep their pension provision affordable. We will be studying the recommendations and proposed remedies closely to see what else government can do to support the FCA’s vital work in this area, which could deliver favourable outcomes for pension savers.</p><p> </p><p>To drive competitive pressure on asset managers the FCA recommended we look at barriers to scheme consolidation. We know that smaller pension schemes may not be able to negotiate or drive lower prices within this market, which in turn can lead to better outcomes for savers. Following a recent Call for Evidence, we are actively considering ways that we can simplify scheme consolidation and enable pension scheme scale to develop further.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 6008 6009 6011 6012 6382 question first answered 06/09/2017 10:27:04 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

754517

registered interest
date	20/07/2017
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 he has to implement the recommendations of the Law Commission on clarifying the duties of pension providers in respect of long-term investment factors.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	6384
answer	answer is ministerial correction date of answer 06/09/2017 answer text <p>We want pension schemes to take account of all financial long-term risks when making investment decisions, and we therefore welcome the Law Commission’s report.</p><p>We are concerned that some investment decisions may be made with short-term considerations in mind. This can exclude consideration of options that take account of longer term financial factors, such as those arising from material environmental, social and governance (ESG) risks.</p><p>We are concerned that some investment decisions may not appropriately take into account longer term financial factors, such as those arising from material environmental, social and governance (ESG) risks.</p><p>One of the key recommendations is for trustees and providers to clearly distinguish financial risk factors – which must be taken account of; and non-financial (ethical) factors – which can be taken account if certain conditions are met. We will consider afresh whether our current legislation is clear enough in light of the report.</p><p>However, we also wish to address some of the behavioural biases that may exist in the industry, such as the assumption that social motivation and good investment returns are not compatible.</p><p>In line with the protocol agreed by the Lord Chancellor with the Law Commission, we aim to provide an interim response to both the 5 recommendations and the 11 options for reform by December 2017. We will respond in full within one year of publication, by June 2018.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 06/09/2017 11:10:35 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

754951

registered interest
date	20/07/2017
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	State Pension Age Independent Review
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what the reasons are for the time taken to publish the Government's response to the Cridland review.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	6403
answer	answer is ministerial correction date of answer 06/09/2017 answer text <p>The Pensions Act 2014 sets a statutory requirement for the Government to publish its review of State Pension age before 7 May 2017, but this was delayed because of the General Election being called before that date. The event of an election meant that the new Government needed to consider and make their own judgements on such issues. This was a significant decision with a weighty evidence base and it would have been irresponsible of this Government not to give this issue the consideration it deserved.</p><p> </p><p>The review was published on Wednesday 19 July 2017. Please find the below web link to the published report.</p><p> </p><p><a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/630065/state-pension-age-review-final-report.pdf" target="_blank">Governments State pension age review final report</a></p> answering member constituency Hexham answering member printed Guy Opperman question first answered 06/09/2017 10:57:11 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

754247

registered interest
date	19/07/2017
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 Credit: Eligibility
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what steps his Department is taking to ensure that all those people eligible for pension credit are aware of their eligibility.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	6056
answer	answer is ministerial correction date of answer 05/09/2017 answer text <p>We are committed to ensuring that older people receive the support they are entitled to and the Department targets activity on engaging with people who may be eligible at pivotal stages such as when they claim State Pension or report a change in their circumstances.</p><p> </p><p>We use a wide range of channels to communicate information about Pension Credit to potential customers; including information on gov.uk, in leaflets and by telephone.</p><p> </p><p>We believe that one of the best ways to reach those eligible customers who may be reluctant to claim is through trusted messengers working in the community and DWP provides a web-based Pension Credit toolkit at <a href="https://www.gov.uk/government/publications/pension-credit-toolkit" target="_blank">https://www.gov.uk/government/publications/pension-credit-toolkit</a> containing a range of resources for anyone working with pensioners. It contains guides to Pension Credit, examples of the reasons why eligible customers might not claim, ideas for encouraging take-up, and makes available a range of publicity material.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 05/09/2017 11:02:56 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

754249

registered interest
date	19/07/2017
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, when the Government plans to publish its White Paper on defined benefit pensions.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	6018
answer	answer is ministerial correction date of answer 05/09/2017 answer text <p>The Government intends to publish a White Paper on Defined Benefit pensions this coming winter.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 05/09/2017 10:53:41 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

754252

registered interest
date	19/07/2017
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	State Pension Age Independent Review
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, when the Government plans to publish its response to the Cridland review.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	6019
answer	answer is ministerial correction date of answer 05/09/2017 answer text <p>The review was published on Wednesday 19 July 2017. Please find the below web link to the published report.</p><p> </p><p><a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/630065/state-pension-age-review-final-report.pdf" target="_blank">Governments State pension age review final report</a></p> answering member constituency Hexham answering member printed Guy Opperman question first answered 05/09/2017 10:56:28 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

754253

registered interest
date	19/07/2017
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, what steps he is taking to ensure that workers receive clear information about their pensions pots.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	6020
answer	answer is ministerial correction date of answer 05/09/2017 answer text <p>Legislation currently requires pension schemes to provide annual information and illustrations to scheme members about their pension pots. We are considering how members should be informed of the costs and charges that effect their pension savings.</p><p> </p><p>As part of the review of automatic enrolment we are looking at where more effective engagement could drive greater personal ownership and enable people to understand and maximise their savings. This review is due to report to Parliament at the end of the year.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 05/09/2017 10:57:29 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

754254

registered interest
date	19/07/2017
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, what steps he is taking to reduce explicit and implicit costs for workers saving into pensions.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	6021
answer	answer is ministerial correction date of answer 05/09/2017 answer text <p>By 2018, around 10 million people will be saving or saving more into pensions as a result of automatic enrolment. The Government wants to ensure that people who are automatically enrolled are protected from high and unfair charges. This is why in April 2015 we introduced a cap of 0.75% on administration charges for people who are invested in the default fund of schemes used for automatic enrolment. We have also taken steps to cap or ban early exit charges in occupational pension schemes, as these can act as a barrier to individuals wishing to access the pension freedoms. We have also banned member-borne commission charges in workplace pension schemes used for automatic enrolment.</p><p> </p><p>We are currently examining the level of the charge cap to see whether it should change and whether some or all the costs associated with investment transactions should also be covered. The Government expects to conclude its examination by the end of this year.</p><p> </p><p>In 2016, the Department for Work and Pensions and the Financial Conduct Authority (FCA) undertook a joint review on industry progress in reducing charge levels in older, so-called legacy pension schemes. The report published in December 2016 found that over 1 million customers have benefitted, or will soon benefit, from a reduction in costs and charges to 1% or lower. The Government and FCA wrote to these pension providers earlier this year challenging them to make further improvements. The Government is pleased with the progress so far and we and the FCA will continue to work with providers to ensure, wherever possible, that all members of these legacy schemes benefit from reduced charges.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 05/09/2017 10:58:49 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham

754257

registered interest
date	19/07/2017
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: Self-employed
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what plans he has to bring self-employed workers into auto enrollment.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	6007
answer	answer is ministerial correction date of answer 06/09/2017 answer text <p>The Department is undertaking a review of the policy and operation of automatic enrolment, supported by an external Advisory Group. I refer you to the scope of this review set out by my Hon Friend Richard Harrington MP on 12 Dec 2016. It will look at the diverse group of self-employed people and how they might be better enabled to save for their retirement. The review report will be laid before Parliament at the end of the year.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 06/09/2017 10:16:01 answering member 4142 label Biography information for Guy Opperman
tabling member	4122 label Biography information for Alex Cunningham