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1692700
registered interest false more like this
date remove maximum value filtermore like thismore than 2024-02-29
answering body
Department for Work and Pensions more like this
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Workplace Pensions remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Work and Pensions, pursuant to the Answer of 8 February 2024 to Question 12888 on Workplace Pensions, for what reason the findings of that work will not be published. more like this
tabling member constituency Broxbourne more like this
tabling member printed
Sir Charles Walker more like this
uin 16294 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2024-03-05more like thismore than 2024-03-05
answer text <p>I would refer the Hon. Gentleman to the previous response. It is not convention to disclose policy discussions between Ministers and officials as a matter of course.</p> more like this
answering member constituency Blackpool North and Cleveleys more like this
answering member printed Paul Maynard more like this
question first answered
less than 2024-03-05T11:18:48.227Zmore like thismore than 2024-03-05T11:18:48.227Z
answering member
3926
label Biography information for Paul Maynard more like this
tabling member
1493
label Biography information for Sir Charles Walker more like this
1687388
registered interest false more like this
date less than 2024-02-05more like thismore than 2024-02-05
answering body
Department for Work and Pensions more like this
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Workplace Pensions remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Work and Pensions, with reference to Q338 of the evidence given by the Minister for Pensions on 10 January 2024, HC144, what the (a) scope of and (b) timeline for the extensive piece of work he has commissioned on indexation of pre-1997 savings from pension contributions is; and whether he plans to publish the findings of this work. more like this
tabling member constituency East Ham more like this
tabling member printed
Sir Stephen Timms more like this
uin 12888 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2024-02-08more like thismore than 2024-02-08
answer text <p>While all pensions legislation is kept under review as a matter of course, there are currently no plans to amend the Pension Protection Fund rules on pre-97 indexation of pension contributions. The evidence given by the Minister for Pensions, on 10 January 2024, was clear that these are complex issues which will need careful consideration. DWP will continue to consider this issue, determining the scope and taking the time required for full consideration. There is no intention of publishing this advice.</p> more like this
answering member constituency Blackpool North and Cleveleys more like this
answering member printed Paul Maynard more like this
question first answered
less than 2024-02-08T13:54:42.593Zmore like thismore than 2024-02-08T13:54:42.593Z
answering member
3926
label Biography information for Paul Maynard more like this
tabling member
163
label Biography information for Sir Stephen Timms more like this
1676908
registered interest false more like this
date less than 2023-12-11more like thismore than 2023-12-11
answering body
Department for Work and Pensions more like this
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Workplace Pensions remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Work and Pensions, when he plans to publish his Department's response to the Options for Defined Benefit Scheme: call for evidence which closed in September 2023. more like this
tabling member constituency Ellesmere Port and Neston more like this
tabling member printed
Justin Madders more like this
uin 6210 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2023-12-14more like thismore than 2023-12-14
answer text <p>The government response to ‘Options for Defined Benefit schemes: a call for evidence’ was published on 22 November 2023. Please see the link to our response at <a href="https://www.gov.uk/government/calls-for-evidence/options-for-defined-benefit-schemes-a-call-for-evidence/outcome/government-response-to-options-for-defined-benefit-schemes#introduction" target="_blank">Government response to Options for Defined Benefit schemes - GOV.UK (www.gov.uk)</a>.</p> more like this
answering member constituency Blackpool North and Cleveleys more like this
answering member printed Paul Maynard more like this
question first answered
less than 2023-12-14T14:08:58.517Zmore like thismore than 2023-12-14T14:08:58.517Z
answering member
3926
label Biography information for Paul Maynard more like this
tabling member
4418
label Biography information for Justin Madders more like this
1672178
registered interest false more like this
date less than 2023-11-22more like thismore than 2023-11-22
answering body
Department for Work and Pensions more like this
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Workplace Pensions remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Work and Pensions, if he will make an assessment of the potential merits of requiring (a) pension companies to hold a consultation when considering closing a defined benefit pension scheme and (b) independent assessment of the potential closure of such a scheme. more like this
tabling member constituency South Leicestershire more like this
tabling member printed
Alberto Costa more like this
uin 3263 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2023-11-27more like thismore than 2023-11-27
answer text <p>The legal requirements for employers on certain changes to occupational pension schemes are detailed in The Pensions Act of 2004. This states that larger employers with 50 or more workers are required to consult with affected members or their representatives about proposed significant changes to their pension scheme, including closure, before implementing the change.</p><p> </p><p>These requirements ensure that scheme members are aware of the change and the impact on their future pension, and that they have an opportunity to comment. The Pensions Regulator provides information for employers on closing a pension scheme to new members or future accruals and winding up a scheme at their website including detailed regulatory guidance and can be found at <a href="https://www.thepensionsregulator.gov.uk/en/employers/managing-a-scheme/closing-your-scheme" target="_blank">https://www.thepensionsregulator.gov.uk/en/employers/managing-a-scheme/closing-your-scheme</a>.</p> more like this
answering member constituency Blackpool North and Cleveleys more like this
answering member printed Paul Maynard more like this
question first answered
less than 2023-11-27T16:44:21.35Zmore like thismore than 2023-11-27T16:44:21.35Z
answering member
3926
label Biography information for Paul Maynard more like this
tabling member
4439
label Biography information for Alberto Costa more like this
1668911
registered interest false more like this
date less than 2023-11-09more like thismore than 2023-11-09
answering body
Department for Work and Pensions more like this
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Workplace Pensions remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Work and Pensions, what assessment he has made of the potential merits of introducing an opt-out option for members of pension schemes with safeguarded benefits who are required to take advice under section 48 of the Pension Schemes Act 2015. more like this
tabling member constituency Linlithgow and East Falkirk more like this
tabling member printed
Martyn Day more like this
uin 1198 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2023-11-15more like thismore than 2023-11-15
answer text <p>The overarching objective of the advice requirement is to ensure that members understand the financial implications of transferring to a scheme with flexible benefits. The process enables a clear view of the choices available to the individual and the longer term risks attached to accessing flexible benefits.</p><p> </p><p>The government has to consider the needs of all pension savers regardless of their individual circumstances and it believes that enabling members to make informed investment decisions will yield greater long term financial stability for the individual. It is not therefore policy to introduce an opt out option to this part of the transfer process.</p><p> </p><p>In forming this view, DWP has engaged with pensions industry bodies, the regulators and consumer groups to review The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations 2017. The review considered how the advice requirement is working in practice and if there are any unintended consequences. A report of the review was published in June 2023 and is available on gov.uk.</p><p> </p><p>Whilst the report concluded that the existing measures remain appropriate and effective, the department will continue to work closely with HMT and FCA to consider changes to the regulations that will improve the transfer process whilst ensuring that members continue to receive an appropriate level of protection and support.</p><p /><p><strong> </strong></p><p><strong> </strong></p><p><strong> </strong></p><p><strong> </strong></p>
answering member constituency Blackpool North and Cleveleys more like this
answering member printed Paul Maynard more like this
question first answered
less than 2023-11-15T16:03:59.677Zmore like thismore than 2023-11-15T16:03:59.677Z
answering member
3926
label Biography information for Paul Maynard more like this
tabling member
4488
label Biography information for Martyn Day more like this
1666667
registered interest false more like this
date less than 2023-10-23more like thismore than 2023-10-23
answering body
Department for Work and Pensions more like this
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Workplace Pensions remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Work and Pensions, what steps his Department is taking to expand Automatic Enrolment. more like this
tabling member constituency Crewe and Nantwich more like this
tabling member printed
Dr Kieran Mullan more like this
uin 203977 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2023-10-26more like thismore than 2023-10-26
answer text <p>This government is clear about the importance of pension saving so that individuals can plan for the retirement they want. We recognise the current minimum contribution rates for automatic enrolment (AE) are unlikely to give all individuals the retirement to which they aspire. That is why we are committed to implementing the 2017 Review measures.</p><p> </p><p>Expanding AE to younger people and helping all eligible workers save from the first pound of earnings will boost overall saving levels, once fully implemented, by an extra £2 billion a year in pension contributions.</p><p> </p><p>Following the successful passage of the Pensions (Extension of Automatic Enrolment) (No. 2) Act 2023, supported by government, we have committed to consult on the detailed implementation of AE expansion and will do so at the earliest opportunity and report to Parliament before using the powers in the Act.</p> more like this
answering member constituency Sevenoaks more like this
answering member printed Laura Trott more like this
grouped question UIN 203978 more like this
question first answered
less than 2023-10-26T09:18:22.963Zmore like thismore than 2023-10-26T09:18:22.963Z
answering member
4780
label Biography information for Laura Trott more like this
tabling member
4860
label Biography information for Dr Kieran Mullan more like this
1650124
registered interest false more like this
date less than 2023-07-04more like thismore than 2023-07-04
answering body
Department for Work and Pensions more like this
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Workplace Pensions remove filter
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask His Majesty's Government under what statutory provisions they have powers to legislate (1) to require occupational pension schemes to report on their impacts on water, circular economy, pollution and biodiversity, and (2) to clarify occupational pension schemes’ fiduciary duties. more like this
tabling member printed
Baroness Hayman more like this
uin HL9028 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2023-07-17more like thismore than 2023-07-17
answer text <p>The Government already requires occupational pension schemes over a certain size to report in line with the Taskforce on Climate-related Financial Disclosures recommendations.</p><p> </p><p>With regards to fiduciary duties, The Pension Regulator already provides guidance setting out that climate-related risks should be managed alongside other risks that trustees consider as part of their fiduciary duties.</p> more like this
answering member printed Viscount Younger of Leckie more like this
question first answered
less than 2023-07-17T13:56:45.307Zmore like thismore than 2023-07-17T13:56:45.307Z
answering member
4169
label Biography information for Viscount Younger of Leckie more like this
tabling member
1649
label Biography information for Baroness Hayman more like this
1641722
registered interest false more like this
date less than 2023-06-05more like thismore than 2023-06-05
answering body
Department for Work and Pensions more like this
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Workplace Pensions remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Work and Pensions, if he will make an assessment of the potential merits of increasing the flexibility of retirement options for final salary schemes. more like this
tabling member constituency York Central more like this
tabling member printed
Rachael Maskell more like this
uin 187738 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2023-06-13more like thismore than 2023-06-13
answer text <p>A final salary pension scheme offers members a valuable guarantee of a secure retirement income for life, and will often offer some flexibility to their members, in terms of the shape of benefits and when they are taken. There are routes to transferring out to access further flexibilities, subject, where appropriate, to taking appropriate advice.</p> more like this
answering member constituency Sevenoaks more like this
answering member printed Laura Trott more like this
question first answered
less than 2023-06-13T13:00:16.757Zmore like thismore than 2023-06-13T13:00:16.757Z
answering member
4780
label Biography information for Laura Trott more like this
tabling member
4471
label Biography information for Rachael Maskell more like this
1639848
registered interest false more like this
date less than 2023-05-23more like thismore than 2023-05-23
answering body
Department for Work and Pensions more like this
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Workplace Pensions remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Work and Pensions, whether he has made an assessment of the implications for his Department's policies of requiring employees who have opted out of a workplace pension scheme to be automatically re-enrolled every three years. more like this
tabling member constituency Linlithgow and East Falkirk more like this
tabling member printed
Martyn Day more like this
uin 186527 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2023-05-30more like thismore than 2023-05-30
answer text <p>The government continues to advocate for the importance of pension saving which offers greater financial resilience in later life. Automatic Enrolment (AE) has transformed pension participation rates, with 86% of eligible private sector employees saving into a workplace pension in 2021, up from 42% in 2012.</p><p> </p><p>AE was deliberately designed with an opt-out to give people choice, enabling them to decide if saving for a pension is right for them given their circumstances and affordability.</p><p> </p><p>This is why when an individual makes the decision to pause or cease contributions, the AE framework requires their employer to re-assess and re-enol their eligible employees every three years, which prevents individuals from falling out of pension saving in the medium to long term.</p><p> </p><p>The re-enrolment regime has been successful, seeing 1 million eligible job holders automatically re-enrolled since the introduction of AE in 2012.</p><p> </p> more like this
answering member constituency Sevenoaks more like this
answering member printed Laura Trott more like this
question first answered
less than 2023-05-30T14:47:55.51Zmore like thismore than 2023-05-30T14:47:55.51Z
answering member
4780
label Biography information for Laura Trott more like this
tabling member
4488
label Biography information for Martyn Day more like this
1639849
registered interest false more like this
date less than 2023-05-23more like thismore than 2023-05-23
answering body
Department for Work and Pensions more like this
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Workplace Pensions remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Work and Pensions, what assessment he has made of the potential merits of requiring employers to provide information on workplace pension (a) automatic enrolment and (b) opt-out notices in a non-digital format to assist employees without access to digital communications. more like this
tabling member constituency Linlithgow and East Falkirk more like this
tabling member printed
Martyn Day more like this
uin 186528 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2023-05-30more like thismore than 2023-05-30
answer text <p>There are no plans to place an additional statutory requirement on businesses to provide non-digital opt-out notices and information on automatic enrolment (AE). Detailed guidance from The Pensions Regulator (TPR) specifically asks employers to consider the appropriateness of the format of the information they are providing to their workers (such as digital access). This is ultimately a choice for individual employers and pension schemes to make based on their own circumstances and considering employee/member needs.</p><p> </p><p>Further guidance from TPR is available to aid employers in fulfilling their AE obligations, including on providing information on AE and the right to opt-out (at section 5). This guidance is available here: <a href="https://www.thepensionsregulator.gov.uk/en/document-library/automatic-enrolment-detailed-guidance/resources-information-to-workers" target="_blank">Information to workers - automatic enrolment detailed guidance for employers | The Pensions Regulator</a></p>
answering member constituency Sevenoaks more like this
answering member printed Laura Trott more like this
question first answered
less than 2023-05-30T14:49:40.217Zmore like thismore than 2023-05-30T14:49:40.217Z
answering member
4780
label Biography information for Laura Trott more like this
tabling member
4488
label Biography information for Martyn Day more like this