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385444

registered interest
date	24/06/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent estimate he has made of the additional tax revenue from savers choosing not to annuitise their retirement savings following the pensions flexibilities introduced on 6 April 2015 in (a) 2015, (b) 2016, (c) 2017, (d) 2018 and (e) 2019.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	4211
answer	answer is ministerial correction date of answer 29/06/2015 answer text <p>The expected impact over the forecast period of the changes made to private pensions taxation as announced at Budget 2014 can be found in Table 2.1 (p.56) of the Budget 2014 document here:</p><p> </p><p><a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293759/37630_Budget_2014_Web_Accessible.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293759/37630_Budget_2014_Web_Accessible.pdf</a></p><p> </p><p> </p><p> </p><p>Following a consultation period the Chancellor made subsequent announcements relating to this measure. The Exchequer impact of these can be found in Table 2.1 (p.65) of the Autumn Statement 2014 document here:</p><p> </p><p><a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/382327/44695_Accessible.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/382327/44695_Accessible.pdf</a></p><p> </p><p> </p><p> </p><p>Monthly assessments of additional tax revenue from savers choosing to access their pensions flexibly are not available.</p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke grouped question UIN 4212 question first answered 29/06/2015 15:42:20 answering member 1529 label Biography information for Mr David Gauke
tabling member	163 label Biography information for Sir Stephen Timms

385445

registered interest
date	24/06/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent estimate he has made of the additional tax revenue from savers choosing not to annuitise their retirement savings following the pensions flexibilities introduced on 6 April 2015 in (a) April 2015, (b) May 2015 and (c) June 2015.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	4212
answer	answer is ministerial correction date of answer 29/06/2015 answer text <p>The expected impact over the forecast period of the changes made to private pensions taxation as announced at Budget 2014 can be found in Table 2.1 (p.56) of the Budget 2014 document here:</p><p> </p><p><a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293759/37630_Budget_2014_Web_Accessible.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293759/37630_Budget_2014_Web_Accessible.pdf</a></p><p> </p><p> </p><p> </p><p>Following a consultation period the Chancellor made subsequent announcements relating to this measure. The Exchequer impact of these can be found in Table 2.1 (p.65) of the Autumn Statement 2014 document here:</p><p> </p><p><a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/382327/44695_Accessible.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/382327/44695_Accessible.pdf</a></p><p> </p><p> </p><p> </p><p>Monthly assessments of additional tax revenue from savers choosing to access their pensions flexibly are not available.</p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke grouped question UIN 4211 question first answered 29/06/2015 15:42:20 answering member 1529 label Biography information for Mr David Gauke
tabling member	163 label Biography information for Sir Stephen Timms

384876

registered interest
date	23/06/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, whether the forthcoming consultation on a charge cap for savers withdrawing their money from pensions will include a proposal for a charge cap on income drawdown products.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	3643
answer	answer is ministerial correction date of answer 30/06/2015 answer text <p>The government announced on 17 June that it will launch a consultation to look at making the process for transferring pensions from one scheme to another quicker and smoother, including, if there is sufficient evidence, options to address excessive early exit penalties. The Financial Conduct Authority will, in parallel, gather information from pension providers to establish an evidence base for action in this area. This is part of a wider programme of action by government and regulators to ensure that consumers can take advantage of the new pensions freedoms, introduced in April.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 30/06/2015 14:24:32 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	163 label Biography information for Sir Stephen Timms

381577

registered interest
date	16/06/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what estimate he has made of the number of people eligible to take advantage of the pension flexibilities introduced on 6 April 2015 in each (a) region, (b) local authority area and (c) parliamentary constituency.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	2731
answer	answer is ministerial correction date of answer 22/06/2015 answer text <p>HMRC estimates that around 320,000 people retire each year with defined contribution pension savings; these individuals are now able to withdraw their pension wealth more flexibly if they wish to do so.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 22/06/2015 16:29:36 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	163 label Biography information for Sir Stephen Timms

381252

registered interest
date	15/06/2015
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 discussions he has had with pension providers on problems in accessing pension benefits since 6 April 2015.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	2550
answer	answer is ministerial correction date of answer 18/06/2015 answer text <p /> <p>The April 2015 reforms have given people more freedom and choice on how they fund their retirement. Individuals with Defined Benefit Pensions and pension benefits which contain a guaranteed annuity rate can transfer to a Defined Contribution scheme if they wish to access their pension savings flexibly, after they have taken independent financial advice.</p><p> </p><p>The Government is committed to monitoring the new pension flexibilities as they bed in. This is why the Chancellor has announced a consultation to identify the extent to which people are facing unfair barriers to accessing their pensions flexibly and to identify whether further interventions are necessary. We will be working with Treasury, the Financial Conduct Authority and the Pensions Regulator to ensure the flexibilities are delivering for consumers.</p><p> </p><p>DWP does not currently have data on the number of people who have converted their safeguarded benefits to a form that can be taken flexibly since 6 April 2015, or on the numbers of people who have taken independent advice. Nor do we have data on the number of people who would not have previously had to take advice but now will as a result of the FCA rules announced on 8 June 2015. Those affected may include members with a DB pension or a pension with another form of safeguarded guarantee whose total benefits are worth over £30,000 as well as people with Guaranteed Annuity Rate entitlements. However, the Pension Regulator is in the process of gathering data, on the number of Defined Benefit to Defined Contribution transfers through their annual scheme return and this will include the number of transfers out under £30,000. This data will be available from Spring 2016.</p><p> </p><p>The pensions industry is responding positively to the new reforms and the Pensions Regulator is publishing guidance to support pension schemes and help trustees understand the new requirements.</p><p> </p> answering member constituency North Swindon answering member printed Justin Tomlinson grouped question UIN 2566 2567 2568 2569 question first answered 18/06/2015 13:58:47 answering member 4105 label Biography information for Justin Tomlinson
tabling member	163 label Biography information for Sir Stephen Timms

381267

registered interest
date	15/06/2015
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, how many people have converted their pension benefit with (a) a pension benefit valued at less than £30,000 and (b) a guaranteed annually rate attached to their pension scheme since 6 April 2015.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	2566
answer	answer is ministerial correction date of answer 18/06/2015 answer text <p>The April 2015 reforms have given people more freedom and choice on how they fund their retirement. Individuals with Defined Benefit Pensions and pension benefits which contain a guaranteed annuity rate can transfer to a Defined Contribution scheme if they wish to access their pension savings flexibly, after they have taken independent financial advice.</p><p> </p><p>The Government is committed to monitoring the new pension flexibilities as they bed in. This is why the Chancellor has announced a consultation to identify the extent to which people are facing unfair barriers to accessing their pensions flexibly and to identify whether further interventions are necessary. We will be working with Treasury, the Financial Conduct Authority and the Pensions Regulator to ensure the flexibilities are delivering for consumers.</p><p> </p><p>DWP does not currently have data on the number of people who have converted their safeguarded benefits to a form that can be taken flexibly since 6 April 2015, or on the numbers of people who have taken independent advice. Nor do we have data on the number of people who would not have previously had to take advice but now will as a result of the FCA rules announced on 8 June 2015. Those affected may include members with a DB pension or a pension with another form of safeguarded guarantee whose total benefits are worth over £30,000 as well as people with Guaranteed Annuity Rate entitlements. However, the Pension Regulator is in the process of gathering data, on the number of Defined Benefit to Defined Contribution transfers through their annual scheme return and this will include the number of transfers out under £30,000. This data will be available from Spring 2016.</p><p> </p><p>The pensions industry is responding positively to the new reforms and the Pensions Regulator is publishing guidance to support pension schemes and help trustees understand the new requirements.</p><p> </p> answering member constituency North Swindon answering member printed Justin Tomlinson grouped question UIN 2550 2567 2568 2569 question first answered 18/06/2015 13:58:47 answering member 4105 label Biography information for Justin Tomlinson
tabling member	163 label Biography information for Sir Stephen Timms

381268

registered interest
date	15/06/2015
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, how many people who converted or transferred their pension benefits were required to seek advice before doing so since 6 April 2015.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	2567
answer	answer is ministerial correction date of answer 18/06/2015 answer text <p>The April 2015 reforms have given people more freedom and choice on how they fund their retirement. Individuals with Defined Benefit Pensions and pension benefits which contain a guaranteed annuity rate can transfer to a Defined Contribution scheme if they wish to access their pension savings flexibly, after they have taken independent financial advice.</p><p> </p><p>The Government is committed to monitoring the new pension flexibilities as they bed in. This is why the Chancellor has announced a consultation to identify the extent to which people are facing unfair barriers to accessing their pensions flexibly and to identify whether further interventions are necessary. We will be working with Treasury, the Financial Conduct Authority and the Pensions Regulator to ensure the flexibilities are delivering for consumers.</p><p> </p><p>DWP does not currently have data on the number of people who have converted their safeguarded benefits to a form that can be taken flexibly since 6 April 2015, or on the numbers of people who have taken independent advice. Nor do we have data on the number of people who would not have previously had to take advice but now will as a result of the FCA rules announced on 8 June 2015. Those affected may include members with a DB pension or a pension with another form of safeguarded guarantee whose total benefits are worth over £30,000 as well as people with Guaranteed Annuity Rate entitlements. However, the Pension Regulator is in the process of gathering data, on the number of Defined Benefit to Defined Contribution transfers through their annual scheme return and this will include the number of transfers out under £30,000. This data will be available from Spring 2016.</p><p> </p><p>The pensions industry is responding positively to the new reforms and the Pensions Regulator is publishing guidance to support pension schemes and help trustees understand the new requirements.</p><p> </p> answering member constituency North Swindon answering member printed Justin Tomlinson grouped question UIN 2550 2566 2568 2569 question first answered 18/06/2015 13:58:47 answering member 4105 label Biography information for Justin Tomlinson
tabling member	163 label Biography information for Sir Stephen Timms

381269

registered interest
date	15/06/2015
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, how many people with a safeguard benefit attached to their pension benefit have converted or transferred pension benefits since 6 April 2015.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	2568
answer	answer is ministerial correction date of answer 18/06/2015 answer text <p>The April 2015 reforms have given people more freedom and choice on how they fund their retirement. Individuals with Defined Benefit Pensions and pension benefits which contain a guaranteed annuity rate can transfer to a Defined Contribution scheme if they wish to access their pension savings flexibly, after they have taken independent financial advice.</p><p> </p><p>The Government is committed to monitoring the new pension flexibilities as they bed in. This is why the Chancellor has announced a consultation to identify the extent to which people are facing unfair barriers to accessing their pensions flexibly and to identify whether further interventions are necessary. We will be working with Treasury, the Financial Conduct Authority and the Pensions Regulator to ensure the flexibilities are delivering for consumers.</p><p> </p><p>DWP does not currently have data on the number of people who have converted their safeguarded benefits to a form that can be taken flexibly since 6 April 2015, or on the numbers of people who have taken independent advice. Nor do we have data on the number of people who would not have previously had to take advice but now will as a result of the FCA rules announced on 8 June 2015. Those affected may include members with a DB pension or a pension with another form of safeguarded guarantee whose total benefits are worth over £30,000 as well as people with Guaranteed Annuity Rate entitlements. However, the Pension Regulator is in the process of gathering data, on the number of Defined Benefit to Defined Contribution transfers through their annual scheme return and this will include the number of transfers out under £30,000. This data will be available from Spring 2016.</p><p> </p><p>The pensions industry is responding positively to the new reforms and the Pensions Regulator is publishing guidance to support pension schemes and help trustees understand the new requirements.</p><p> </p> answering member constituency North Swindon answering member printed Justin Tomlinson grouped question UIN 2550 2566 2567 2569 question first answered 18/06/2015 13:58:47 answering member 4105 label Biography information for Justin Tomlinson
tabling member	163 label Biography information for Sir Stephen Timms

381270

registered interest
date	15/06/2015
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, how many people who converted their pension benefit since 6 April 2015 and were not required to seek advice will now be required to seek advice under the rules announced by the Financial Conduct Authority in Policy Statement PS15/12 published on 8 June 2015.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	2569
answer	answer is ministerial correction date of answer 18/06/2015 answer text <p>The April 2015 reforms have given people more freedom and choice on how they fund their retirement. Individuals with Defined Benefit Pensions and pension benefits which contain a guaranteed annuity rate can transfer to a Defined Contribution scheme if they wish to access their pension savings flexibly, after they have taken independent financial advice.</p><p> </p><p>The Government is committed to monitoring the new pension flexibilities as they bed in. This is why the Chancellor has announced a consultation to identify the extent to which people are facing unfair barriers to accessing their pensions flexibly and to identify whether further interventions are necessary. We will be working with Treasury, the Financial Conduct Authority and the Pensions Regulator to ensure the flexibilities are delivering for consumers.</p><p> </p><p>DWP does not currently have data on the number of people who have converted their safeguarded benefits to a form that can be taken flexibly since 6 April 2015, or on the numbers of people who have taken independent advice. Nor do we have data on the number of people who would not have previously had to take advice but now will as a result of the FCA rules announced on 8 June 2015. Those affected may include members with a DB pension or a pension with another form of safeguarded guarantee whose total benefits are worth over £30,000 as well as people with Guaranteed Annuity Rate entitlements. However, the Pension Regulator is in the process of gathering data, on the number of Defined Benefit to Defined Contribution transfers through their annual scheme return and this will include the number of transfers out under £30,000. This data will be available from Spring 2016.</p><p> </p><p>The pensions industry is responding positively to the new reforms and the Pensions Regulator is publishing guidance to support pension schemes and help trustees understand the new requirements.</p><p> </p> answering member constituency North Swindon answering member printed Justin Tomlinson grouped question UIN 2550 2566 2567 2568 question first answered 18/06/2015 13:58:47 answering member 4105 label Biography information for Justin Tomlinson
tabling member	163 label Biography information for Sir Stephen Timms

349984

registered interest
date	11/06/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the availability of income drawdown products for savers.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	2224
answer	answer is ministerial correction date of answer 18/06/2015 answer text <p>In order to ensure that all savers can access their retirement income more flexibly, the government has legislated in two ways: first, it has allowed pension schemes to override their previous scheme rules so that they are able to offer new flexible options; and second, it has strengthened the right of individuals to transfer savings between defined contribution schemes at any age up to retirement. This means that if a provider does not offer a particular product, such as flexi-access drawdown, their members have the right to move to a scheme which does.</p><p> </p><p> </p><p> </p><p>The Financial Conduct Authority, in line with its remit to protect consumers and ensure markets function in consumers’ interests, has specifically committed to monitoring developments in the retirement income market closely and to take action where consumers are coming to harm or where the market is not operating competitively. This could include if it finds evidence of excessive charges.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 2228 2229 question first answered 18/06/2015 11:02:15 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	163 label Biography information for Sir Stephen Timms