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46381

registered interest
date	01/04/2014
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
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 plans to take to prevent private sector companies providing incentives for their employees to switch from defined benefit to defined contribution pension arrangements.
tabling member constituency	Cumbernauld, Kilsyth and Kirkintilloch East
tabling member printed	Gregg McClymont
uin	194801
answer	answer is ministerial correction date of answer 07/04/2014 answer text <p /> <p /> <p>We already have powers in place to legislate to ban cash incentive transfers. The incentive exercises code of good practice was created in 2012, and set out seven key principles that pension providers and their advisers must adhere to if they wish to offer their members incentives, including ensuring that members are given sufficient information to enable them to make an informed decision.</p><p> </p><p>A large number of providers and independent financial advisers have signed up to the code, delivering a prompt solution to address this issue. The Government would encourage all providers to comply with the code.</p><p> </p><p>Following the Budget announcement HM Treasury are currently running a consultation, “Freedom of Choice in Pensions” where it is considering whether people with a defined benefit pension should be allowed to transfer their accrued benefits into a defined contribution scheme. The outcome of this consultation will inform our thinking on what additional action, if any, the Government should take to restrict or ban pension providers from offering incentives</p> answering member constituency Thornbury and Yate answering member printed Steve Webb question first answered 07/04/2014 12:00:00 answering member 220 label Biography information for Steve Webb
tabling member	3949 label Biography information for Gregg McClymont

45392

registered interest
date	26/03/2014
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
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 made of the effect of the option for people to top up their state pension on state pensions expenditure.
tabling member constituency	Cumbernauld, Kilsyth and Kirkintilloch East
tabling member printed	Gregg McClymont
uin	193926
answer	answer is ministerial correction date of answer 31/03/2014 answer text <p /> <p /> <p>Estimates were made of both the future AME expenditure and the revenue from contributions in 2015-16 and 2016-17 which would determine future state pension expenditure levels. Estimates made by the Department were certified by the Office for Budget Responsibility. Figures for the medium term impacts in cash terms were published on page 46 in Budget 2014: policy costings available at:</p><p><a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/295067/PU1638_policy_costings_bud_2014_with_correction_slip.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/295067/PU1638_policy_costings_bud_2014_with_correction_slip.pdf</a> .</p><p> </p><p>Further information on the long-term Exchequer impact in 2013-14 price terms is included in the table below. As noted in the policy costings document, there is uncertainty about levels of take-up of this policy. If take-up was higher than assumed both AME and Revenue would increase and if take-up was lower than assumed then both would decrease.</p><p> </p><table><tbody><tr><td><p> </p></td><td><p>AME</p></td><td><p>Revenue</p></td></tr><tr><td><p>2014-15</p></td><td><p>0</p></td><td><p>0</p></td></tr><tr><td><p>2015-16</p></td><td><p>-15</p></td><td><p>+415</p></td></tr><tr><td><p>2016-17</p></td><td><p>-50</p></td><td><p>+410</p></td></tr><tr><td><p>2017-18</p></td><td><p>-65</p></td><td><p>0</p></td></tr><tr><td><p>2018-19</p></td><td><p>-65</p></td><td><p>0</p></td></tr><tr><td><p>2019-20</p></td><td><p>-60</p></td><td><p>0</p></td></tr><tr><td><p>2020-21</p></td><td><p>-60</p></td><td><p>0</p></td></tr><tr><td><p>2021-22</p></td><td><p>-55</p></td><td><p>0</p></td></tr><tr><td><p>2022-23</p></td><td><p>-55</p></td><td><p>0</p></td></tr><tr><td><p>2023-24</p></td><td><p>-55</p></td><td><p>0</p></td></tr><tr><td><p>2024-25</p></td><td><p>-50</p></td><td><p>0</p></td></tr><tr><td><p>2025-26</p></td><td><p>-45</p></td><td><p>0</p></td></tr><tr><td><p>2026-27</p></td><td><p>-45</p></td><td><p>0</p></td></tr><tr><td><p>2027-28</p></td><td><p>-40</p></td><td><p>0</p></td></tr><tr><td><p>2028-29</p></td><td><p>-40</p></td><td><p>0</p></td></tr><tr><td><p>2029-30</p></td><td><p>-35</p></td><td><p>0</p></td></tr><tr><td><p>2030-31</p></td><td><p>-35</p></td><td><p>0</p></td></tr><tr><td><p>2031-32</p></td><td><p>-30</p></td><td><p>0</p></td></tr><tr><td><p>2032-33</p></td><td><p>-30</p></td><td><p>0</p></td></tr><tr><td><p>2033-34</p></td><td><p>-25</p></td><td><p>0</p></td></tr></tbody></table><p> </p><p>Notes to table: Figures are in £m, 2013-14 price terms, rounded to nearest £5m.</p> answering member constituency Thornbury and Yate answering member printed Steve Webb grouped question UIN 193916 question first answered 31/03/2014 12:00:00 answering member 220 label Biography information for Steve Webb
tabling member	3949 label Biography information for Gregg McClymont

45402

registered interest
date	26/03/2014
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
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 effect of the planned changes to pensions on retirement incomes from private and workplace pensions.
tabling member constituency	Cumbernauld, Kilsyth and Kirkintilloch East
tabling member printed	Gregg McClymont
uin	193939
answer	answer is ministerial correction date of answer 02/04/2014 answer text <p /> <p /> <p>The government believes people should be trusted to make their own choices about how to use their savings to fund their retirement. These measures fundamentally change the way that people can access their retirement savings, and therefore people are free to vary the mix of income and capital they hold in retirement.</p><p> </p><p>Alongside these changes, the government is taking measures to ensure everyone approaching retirement is aware of the choices they have. Pension providers and schemes will be required, by April 2015, to offer all individuals retiring with a defined contribution pension pot free and impartial face-to-face guidance on their retirement choices.</p> answering member constituency Thornbury and Yate answering member printed Steve Webb question first answered 02/04/2014 12:00:00 answering member 220 label Biography information for Steve Webb
tabling member	3949 label Biography information for Gregg McClymont