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754513

registered interest
date	20/07/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Assets: Departmental Coordination
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, if he will establish a cross-departmental working group to implement consistent reporting standards across all asset classes and product structures.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	6380
answer	answer is ministerial correction date of answer 06/09/2017 answer text <p>The Government and the Financial Conduct Authority (FCA) are committed to ensuring that savers and investors are treated fairly when they make investment decisions and are able to get the best outcomes from their investments.</p><p>The Government welcomes the FCA’s final report on their competition market study on the asset management sector.</p><p>We will be studying the final findings and remedies closely to see what the Government can do to support the regulator’s work and deliver the right outcomes for people who rely on their pension savings.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 06/09/2017 09:15:17 answering member 4095 label Biography information for Steve Barclay
tabling member	4122 label Biography information for Alex Cunningham

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

754516

registered interest
date	20/07/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Pensions
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, if he will hold discussions with the Financial Conduct Authority to bring forward its postponed 2017 review of the effectiveness of Independent Governance Committees in protecting consumer interests in contract-based pension schemes.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	6383
answer	answer is ministerial correction date of answer 06/09/2017 answer text <p>This is an operational matter for the Financial Conduct Authority (FCA), who are operationally independent from Government.</p><p> </p><p>The question has been passed on to the FCA. The FCA will reply directly to the Hon. Member by letter. A copy of the letter will be placed in the Library of the House.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 06/09/2017 09:16:16 answering member 4095 label Biography information for Steve Barclay
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