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1077089

	registered interest
	date	25/02/2019
	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	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether the withdrawal of credit insurance to a company sponsoring a pension fund with a large deficit requires approval by the Pensions Regulator.
	tabling member printed	Lord Myners
	uin	HL14009
	answer	answer is ministerial correction date of answer 08/03/2019 answer text <p>The Pensions Regulator does not have jurisdiction over corporate business transactions, such as the withdrawal of credit insurance, and does not have the power to require insurance companies to seek approval before withdrawing insurance cover.</p><p> </p><p>The Pensions Regulator operates a voluntary clearance procedure to those who are considering transactions involving companies with defined benefit schemes. If clearance is not applied for and granted, the Regulator may exercise its anti-avoidance powers, if it considers that the transaction was aimed at avoiding a debt to the pension scheme. These powers can be applied up to six years after a transaction has taken place.</p><p> </p><p>Employers sponsoring defined benefit pension schemes are also required to notify the Regulator of certain prescribed events. These do not include the withdrawal of credit insurance but should the withdrawal of such insurance trigger a prescribed event, including insolvency, then the employer would be required to notify the Pensions Regulator.</p><p> </p><p>Defined benefit pension schemes also go through a valuation process every three years (tri-annual evaluation), comparing assets against liabilities, and the withdrawal of credit insurance might be identified by the Regulator as part of this process.</p> answering member printed Baroness Buscombe question first answered 08/03/2019 14:09:54 answering member 3349 label Biography information for Baroness Buscombe
	tabling member	3869 label Biography information for Lord Myners

1078291

	registered interest
	date	26/02/2019
	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	Food: Prices
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans the Department for Work and Pensions has to establish a hardship fund for those most affected by a rise in food prices as a result of Brexit.
	tabling member printed	Lord Myners
	uin	HL14063
	answer	answer is ministerial correction date of answer 11/03/2019 answer text <p>The benefit system provides support for eligible claimants on low incomes or no incomes to claim for financial support for daily living expenses.</p><p>As part of the process to ensure our orderly exit, we continue to monitor the effects of Brexit on the economy. Leaving the EU with a deal remains the Government’s top priority. That is why we are redoubling our efforts to reach a negotiated deal that Parliament can support. As the Prime Minister has made clear, the best way forward is for the UK to leave the EU in an orderly way with a good deal and the Government is working to deliver legal certainty on the UK’s future relationship with the EU. Following our exit from the European Union, we are committed to maintaining a close and collaborative relationship with the EU.</p> answering member printed Baroness Buscombe question first answered 11/03/2019 17:18:40 answering member 3349 label Biography information for Baroness Buscombe
	tabling member	3869 label Biography information for Lord Myners

1104664

	registered interest
	date	25/03/2019
	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	Arcadia Group: Pensions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they have made any representations to, or met, the Pensions Regulator in the last three months in connection with Arcadia Group.
	tabling member printed	Lord Myners
	uin	HL14789
	answer	answer is ministerial correction date of answer 04/04/2019 answer text <p>The Pensions Regulator carries out its functions independently. The Department has not made any representations to the Pensions Regulator in relation to the Arcadia Group in the last three months.</p> answering member printed Baroness Buscombe question first answered 04/04/2019 16:46:09 answering member 3349 label Biography information for Baroness Buscombe
	tabling member	3869 label Biography information for Lord Myners

1123769

	registered interest
	date	29/04/2019
	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	Eastman Kodak: Pensions Protection Fund
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government who is responsible for oversight of matters regarding the Pensions Protection Fund (PPF) and Kodak; and whether they plan to commission an independent review of the handling of Kodak by the PPF and the Pensions Regulator and the advice received by both.
	tabling member printed	Lord Myners
	uin	HL15407
	answer	answer is ministerial correction date of answer 14/05/2019 answer text <p>The Pension Protection Fund is a statutory public corporation led by its Board and accountable to Parliament through the Secretary of State for the Department for Work and Pensions.</p><p> </p><p>The original decision in the Kodak case, which provided savers with the potential to receive benefits above Pension Protection Fund levels, was finely balanced and carefully assessed with the benefit of the due diligence carried out for the trustees. Regulated Apportionment Arrangements, a restructuring mechanism which allows a financially troubled employer to detach itself from its liabilities in respect of a defined benefit scheme, are rare and The Pensions Regulator will only agree to them if stringent criteria are met, with entry into the Pension Protection Fund the expected outcome, and the Pension Protection Fund must not object to the Regulated Apportionment Arrangements. The Pensions Regulator published a section 89 regulatory intervention report in November 2014 describing in detail the considerations leading to the decision in this case.</p><p> </p><p>As a condition of approving the successor Kodak pension scheme in 2014, a memorandum of understanding was put in place giving The Pensions Regulator the power to closely monitor the progress of the scheme and if necessary trigger its wind up. This has allowed The Pensions Regulator, with the Pension Protection Fund, to remain actively involved in discussions about the scheme’s future. Due to underperformance of the underlying business it was concluded that the scheme would be unable to meet its long term funding requirements. Action has therefore been taken to bring the scheme into a Pension Protection Fund assessment period which commenced on the 25 March 2019.</p><p> </p><p>Specialist firms with extensive Pension Protection Fund experience have been brought in to manage the administration of the pension scheme and to oversee its efficient passage through the assessment process.</p><p> </p><p>Whilst the Kodak case is a significant claim, the Pension Protection Fund remains in a robust financial position. In its last reported accounts, the Pension Protection Fund had a £6.7 billion reserve and is currently on track to reach its funding objective. There has been no immediate impact on the Pension Protection Fund Levy arising from this case. The Pension Protection Fund aims to collect £500m in levy in 2019/20 which is £50m lower than it aimed to collect in 2018/19.</p><p> </p><p>The Pensions Regulator aims to learn from every major pensions restructuring case and has refined its approach to complex pension restructurings in light of the lessons learned in the Kodak case and successive cases. A letter was sent on the 17<sup>th</sup> October 2018 from Lesley Titcomb, the then Chief Executive Officer (CEO) of The Pensions Regulator, addressed to the Chair of the Work and Pensions Select Committee, Rt Hon Frank Field MP, summarising the lessons learnt in the Kodak case.</p> answering member printed Baroness Buscombe question first answered 14/05/2019 15:29:45 answering member 3349 label Biography information for Baroness Buscombe
	tabling member	3869 label Biography information for Lord Myners

1129551

	registered interest
	date	04/06/2019
	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	Arcadia Group: Pensions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether Ministers or officials have (1) written to, (2) had any meetings with, or (3) communicated in other forms with, Sir Philip Green, Lady Christina Green or the Pensions Regulator in connection with the Arcadia Group Pension Scheme.
	tabling member printed	Lord Myners
	uin	HL16036
	answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>Neither Ministers nor officials have written to, had meetings with, or communicated in other forms with Sir Philip Green or Lady Christina Green.</p><p> </p><p>Ministers and officials have quarterly meetings with the Pensions Regulator, but not specifically concerning Sir Philip Green or the Arcadia Group. This is because the Pensions Regulator is an independent body, and as such the Government cannot intervene or influence its actions. The Regulator also keeps DWP officials informed about its work in monitoring pension schemes.</p> answering member printed Baroness Buscombe question first answered 18/06/2019 15:51:18 answering member 3349 label Biography information for Baroness Buscombe
	tabling member	3869 label Biography information for Lord Myners

1130254

	registered interest
	date	05/06/2019
	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	Arcadia Group: Pensions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to review (1) decisions taken by the trustees of the Arcadia Group Pension Scheme which may have contributed to an aggregate deficit of liabilities over assets of some £700 million, (2) the oversight of the Arcadia Scheme by the Pensions Regulator, and (3) the Pensions Regulator's use of its powers in relation to the Arcadia Scheme.
	tabling member printed	Lord Myners
	uin	HL16115
	answer	answer is ministerial correction date of answer 19/06/2019 answer text <p>The Government cannot intervene with the decisions taken by trustees of pension schemes.</p><p> </p><p>The Pensions Regulator is an independent body, and as such the Government cannot comment on any cases dealt with by the Regulator. Due to this, the Government does not have plans to review the oversight exercised over the Arcadia scheme, or the use of powers in relation to the scheme.</p> answering member printed Baroness Buscombe question first answered 19/06/2019 15:46:29 answering member 3349 label Biography information for Baroness Buscombe
	tabling member	3869 label Biography information for Lord Myners

1130843

	registered interest
	date	10/06/2019
	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	Arcadia Group: Pensions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government why the Pensions Regulator has allowed the owners of Arcadia Group to phase their contribution to address that company’s pension deficit over a period of time instead of a single up-front payment; whether the Pensions Regulator is using financial advisers to determine whether Arcadia’s business plan will eventually cover the deficit; and if so, who are those advisers.
	tabling member printed	Lord Myners
	uin	HL16210
	answer	answer is ministerial correction date of answer 24/06/2019 answer text <p>The pensions framework established by Parliament in the Pensions Act 2004 sets out that ongoing employers may address the funding of their scheme deficits over a reasonable period of time. This responsibility falls on the company rather than its owners, other than where The Pensions Regulator has used its anti-avoidance powers. This approach of spreading funding of deficits was established to balance the needs of schemes with those of their sponsoring employers.</p><p> </p><p>The Arcadia trustees and the Arcadia group took an approach which was similar to many other schemes and employers in establishing recovery plans to address their schemes’ deficits over a number of years. In response to a request to vary those recovery plan payments, made in conjunction with the Arcadia Group’s Company Voluntary Arrangements proposals, The Pensions Regulator, working alongside the trustees and the Pension Protection Fund, has negotiated robustly to secure an enhanced package of support for the pension schemes in connection with a successful Company Voluntary Arrangement, worth significantly more than would be received if the Company Voluntary Arrangement is not successful and Arcadia Group Ltd becomes insolvent. This represents appropriate protection, in challenging circumstances, and is equitable in the context of the wider Company Voluntary Arrangements process.</p><p> </p><p>In assessing the turnaround plan presented by Arcadia, The Pensions Regulator has been informed by the analysis carried out by professional advisers to the trustees. The Pensions Regulator has considerable expertise in restructuring situations and this includes people in its regulatory teams with a background working in big chartered accountancy firms and restructuring operations in banks.</p> answering member printed Baroness Buscombe question first answered 24/06/2019 11:44:23 answering member 3349 label Biography information for Baroness Buscombe
	tabling member	3869 label Biography information for Lord Myners

515521

	registered interest
	date	25/04/2016
	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 Protection Fund
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they will review the financial strength of the Pension Protection Fund.
	tabling member printed	Lord Myners
	uin	HL7901
	answer	answer is ministerial correction date of answer 28/04/2016 answer text <p>The Pension Protection Fund is run by an independent Board and reviews its financial position regularly. It manages over £23 billion of assets and, in the 2014/15 Annual Report, the last published, declared a funding ratio of 115.1 per cent and a surplus of £3.6 billion.</p><p><strong> </strong></p> answering member printed Baroness Altmann question first answered 28/04/2016 11:31:07 answering member 4533 label Biography information for Baroness Altmann
	tabling member	3869 label Biography information for Lord Myners

515525

	registered interest
	date	25/04/2016
	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 Protection Fund
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they have considered the risk to the solvency of the Pension Protection Fund of owners of companies with funding deficits selling the business for a nominal consideration or to an unsuitable purchaser.
	tabling member printed	Lord Myners
	uin	HL7905
	answer	answer is ministerial correction date of answer 28/04/2016 answer text <p>The independent Pensions Regulator, which oversees worked based pensions, has a statutory objective to reduce the risk of situations arising which may lead to compensation being payable from the Pension Protection Fund. It was given a significant range of anti-avoidance powers in the Pensions Act 2004, which can be deployed where it is appropriate and where the legal tests laid down in legislation are met.</p> answering member printed Baroness Altmann question first answered 28/04/2016 11:35:14 answering member 4533 label Biography information for Baroness Altmann
	tabling member	3869 label Biography information for Lord Myners

515912

	registered interest
	date	26/04/2016
	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	British Home Stores: Pensions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether the Pensions Regulator will appoint an investment bank and retail consultancy to support its investigation into the events preceding BHS going into administration.
	tabling member printed	Lord Myners
	uin	HL7978
	answer	answer is ministerial correction date of answer 03/05/2016 answer text <p>Parliament gave the Pensions Regulator independence in how it operates. It is for the Regulator to determine how it wishes to undertake any investigation into matters relating to the BHS pension scheme.</p><p><strong> </strong></p> answering member printed Baroness Altmann question first answered 03/05/2016 11:41:02 answering member 4533 label Biography information for Baroness Altmann
	tabling member	3869 label Biography information for Lord Myners