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1144865

	registered interest
	date	04/09/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Workplace Pensions: Tax Allowances
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, with respect to the National Statistics data published in April, which estimated the total cost of pension tax relief in respect of registered pension schemes for the year ending 5 April 2018 at £36.3 billion including £4.3 billion in tax relief on employee contributions to occupational pension schemes, (1) what is the estimated figure of gross pension contributions on which this figure was based, and (2) what specific assumptions were made as to the rates of tax applicable in arriving at the figure of £4.3 billion; and whether these assumptions included that all employees making contributions to occupational schemes receive the full tax relief to which they are entitled, including those contributing to net pay pension schemes.
	tabling member printed	Baroness Altmann
	uin	HL17699
	answer	answer is ministerial correction date of answer 09/09/2019 answer text <p><del class="ministerial">It has not proved possible to respond to this question in the time available before Prorogation. Ministers will correspond directly with the Member.</del></p><p> </p><p><ins class="ministerial">HMRC publishes estimates of the cost of pension tax relief which is available in table 6 of HM Revenue and Customs Personal Pension Statistics on Gov.uk. </ins></p><p><ins class="ministerial"><em> </em></ins></p><p><ins class="ministerial">These estimates were revised on 26<sup>th</sup> September 2019 as part of an overall update to HMRC’s Personal Pension and Pension Relief statistics. Estimates of the cost of tax relief on contributions are produced using the Annual Survey of Hours and Earnings (ASHE) for income, individual and employer contributions for members of pension schemes that use the net pay mechanism; and administrative data HMRC holds on relief at source administrative data matched to the Survey of Personal Incomes (SPI) - for income, individual and employer pension contributions for members of pension schemes that use the relief at source mechanism.</ins></p><p><ins class="ministerial"> </ins></p><p><ins class="ministerial">The cost of tax relief for all contributions made by individuals is approximately £6.3bn, broken down as the cost of relief on employee contributions to occupational schemes (£4.2bn), to personal pension schemes (£1.6bn), and self-employed contributions to pensions (£0.5bn). Occupational pensions here includes some master trust pension schemes which use the relief at source method. Personal pensions here includes workplace personal pension schemes (such as group personal pensions).</ins></p><p><ins class="ministerial"> </ins></p><p><ins class="ministerial">i) The £4.3bn figure referenced is the cost of pension tax relief relating to occupational pension schemes. Estimates of the cost of pension tax relief were revised on September 26<sup>th</sup> 2019 as part of an overall update to HMRC’s Personal Pensions and Pension Relief Statistics. The £4.3bn figure referenced has since been revised to £4.2bn. </ins></p><p><ins class="ministerial"> </ins></p><p><ins class="ministerial">This £4.2bn figure of tax relief is derived from around £15.9bn of estimated “relievable” individual pension contributions to occupational pension schemes, (where “relievable” refers to our best estimates of contributions which are within the individual’s pensions Annual Allowance). </ins></p><p><ins class="ministerial"> </ins></p><p><ins class="ministerial">ii) Marginal rate tax relief is applied to these estimates of “relievable” contributions as if these contributions were taxed. Estimates are produced assuming all members contributing to all pension schemes receive full marginal rate tax relief on their contributions.</ins></p><p><ins class="ministerial"><em> </em></ins></p><p><ins class="ministerial">As noted in the publication, costs are subject to large revisions and have a particularly wide margin of error – reflecting the variety of sources of data (both administrative and survey) required to produce these estimates.</ins></p> answering member printed The Earl of Courtown question first answered 09/09/2019 16:33:08 question first ministerially corrected 08/10/2019 12:38:27 answering member 3359 label Biography information for The Earl of Courtown previous answer version 135351 answering member printed The Earl of Courtown answering member 3359 label Biography information for The Earl of Courtown
	tabling member	4533 label Biography information for Baroness Altmann

1144866

	registered interest
	date	04/09/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Workplace Pensions: Tax Allowances
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what estimate they have made of the amount of tax relief forgone in net pay pension schemes by workers earning below the personal tax threshold while contributing to workplace pensions in the past three tax years.
	tabling member printed	Baroness Altmann
	uin	HL17700
	answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>Members of net pay pension schemes receive tax relief on their pension contributions at their marginal rate as these contributions are deducted before tax is calculated. Those individuals with income below the personal tax threshold do not pay tax.</p><p> </p><p>Members of relief at source pension schemes, however, receive a 20% basic rate top up on their pension contribution, even though they do not pay tax.</p><p> </p><p>The Economic Secretary to the Treasury provided the Work and Pensions committee an estimate of the cost of providing the same type of top-up as exist for those in relief at source scheme to those in net pay schemes. This estimate was around £100m per tax year.</p> answering member printed The Earl of Courtown question first answered 09/09/2019 15:42:07 answering member 3359 label Biography information for The Earl of Courtown
	tabling member	4533 label Biography information for Baroness Altmann

1156548

	registered interest
	date	28/10/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Workplace Pensions: Tax Allowances
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government how many (1) employers, and (2) pension scheme members, have received too much tax relief due to incorrect pension contributions being made as a result of confusion between (a) Relief at Source, and (b) Net Pay, arrangements.
	tabling member printed	Baroness Altmann
	uin	HL428
	answer	answer is ministerial correction date of answer 04/11/2019 answer text <p>Employers have not been given too much or too little tax relief as employers do not receive tax relief under net pay or relief at source (RAS) arrangements.</p><p> </p><p>The information about members is not readily available in the form requested and could only be provided at disproportionate cost.</p><p> </p><p>Errors made by employers and pension providers have resulted in pension scheme members receiving either no tax relief on their pension contributions, or receiving tax relief twice.</p><p> </p><p>In the Pension schemes newsletter 105 (November 2018), HMRC invited pension schemes who think that any of their members have been given the wrong amount of tax relief to email HMRC. HMRC would then work with the scheme to help correct their tax position.</p><p> </p><p>HMRC is continuing to work with the pension schemes that have informed if an error has been made, but is unable to give more detail of these cases as this could prejudice future HMRC compliance activity.</p><p><strong> </strong></p> answering member printed The Earl of Courtown question first answered 04/11/2019 14:00:18 answering member 3359 label Biography information for The Earl of Courtown
	tabling member	4533 label Biography information for Baroness Altmann

1177104

	registered interest
	date	07/02/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Income Tax: Pensioners
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what percentage of pensioners paid tax at (1) 40 per cent, and (2) 45 per cent, in the last tax year.
	tabling member printed	Baroness Altmann
	uin	HL1429
	answer	answer is ministerial correction date of answer 20/02/2020 answer text <p>The answer given on 15<sup>th</sup> July 2019 to HL 16778, contains the information requested for the last tax year, 2018-19, and remains HM Revenue and Customs’ most recent estimate of the data requested.</p><p><strong> </strong></p> answering member printed Lord Agnew of Oulton question first answered 20/02/2020 14:07:19 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4533 label Biography information for Baroness Altmann

1177106

	registered interest
	date	07/02/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Workplace Pensions: Tax Allowances
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the Written Answer by Baroness Buscombe on 31 October 2018 (HL10750), how many (1) women, and (2) men, recorded in HMRC’s Real Time Information records, earnt below £12,500 and contributed to a net pay arrangement in the last tax year.
	tabling member printed	Baroness Altmann
	uin	HL1431
	answer	answer is ministerial correction date of answer 24/02/2020 answer text <p>HMRC’s Survey of Personal Income (SPI) and administrative data was used to produce the estimates that follow. 2016-17 is the latest year where SPI data is available. The personal allowance in 2016/17 was £11,000, not £12,500 (which is the current personal allowance for 2019-20).</p><p> </p><p>HMRC estimates that a total of 6.8m individuals made workplace pension contributions using relief at source via RTI in 2016-17. Around 45% of these individuals are estimated to be female and 55% are estimated to be male.</p><p> </p><p>HMRC estimates that 1.3m individuals earning below the personal allowance in 2016-17 made workplace pension contributions via Real Time Information (RTI) using net pay arrangements. Around 75% of these individuals are estimated to be female and 25% are estimated to be male.</p><p> </p> answering member printed Lord Agnew of Oulton grouped question UIN HL1432 question first answered 24/02/2020 16:44:34 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4533 label Biography information for Baroness Altmann

1177107

	registered interest
	date	07/02/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Workplace Pensions: Tax Allowances
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the Written Answer by Baroness Buscombe on 31 October 2018 (HL10750), how many (1) women, and (2) men, recorded in HMRC’s Real Time Information records, contributed to a relief at source pension scheme in the last tax year.
	tabling member printed	Baroness Altmann
	uin	HL1432
	answer	answer is ministerial correction date of answer 24/02/2020 answer text <p>HMRC’s Survey of Personal Income (SPI) and administrative data was used to produce the estimates that follow. 2016-17 is the latest year where SPI data is available. The personal allowance in 2016/17 was £11,000, not £12,500 (which is the current personal allowance for 2019-20).</p><p> </p><p>HMRC estimates that a total of 6.8m individuals made workplace pension contributions using relief at source via RTI in 2016-17. Around 45% of these individuals are estimated to be female and 55% are estimated to be male.</p><p> </p><p>HMRC estimates that 1.3m individuals earning below the personal allowance in 2016-17 made workplace pension contributions via Real Time Information (RTI) using net pay arrangements. Around 75% of these individuals are estimated to be female and 25% are estimated to be male.</p><p> </p> answering member printed Lord Agnew of Oulton grouped question UIN HL1431 question first answered 24/02/2020 16:44:34 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4533 label Biography information for Baroness Altmann

1177108

	registered interest
	date	07/02/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Workplace Pensions: Tax Allowances
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government how much the Treasury provided in tax relief to UK pension schemes in each of the past ten years.
	tabling member printed	Baroness Altmann
	uin	HL1433
	answer	answer is ministerial correction date of answer 21/02/2020 answer text <p>HMRC publishes figures relating to tax relief for registered pension schemes in Table 6 of the publication series ‘Personal pensions: contribution and tax relief statistics’. Table 6 (published in 2019) contains information for the years 2012 to 2013 through 2017 to 2018. Please see below:</p><p> </p><table><tbody><tr><td><p>Year</p></td><td><p>Pension tax relief (net of tax received on pension income) (£m)</p></td></tr><tr><td><p>2012-13 <sup>r</sup></p></td><td><p>19,200</p></td></tr><tr><td><p>2013-14 <sup>r</sup></p></td><td><p>18,200</p></td></tr><tr><td><p>2014-15<sup> r</sup></p></td><td><p>17,900</p></td></tr><tr><td><p>2015-16 <sup>r</sup></p></td><td><p>20,700</p></td></tr><tr><td><p>2016-17 <sup>r</sup></p></td><td><p>18,900</p></td></tr><tr><td><p>2017-18 <sup>p</sup></p></td><td><p>19,000</p></td></tr></tbody></table><p> </p><p>The above figures reflect the net cost of tax relief on pension contributions and any investment growth within pensions, less the tax paid on payments from pension schemes to those accessing their pensions that year. Also, please note:</p><p>i. The figures are based on HMRC administrative data and information compiled from a variety of sources by the Office for National Statistics (ONS). Costs are subject to large revisions and have a particularly wide margin of error.</p><p>ii. The cost of the tax relief is calculated as the tax that would be paid on contributions to registered pension schemes presuming they were not registered and the payments were subject to the normal tax rules applying to individuals' remuneration. The estimates do not represent the yield from withdrawing tax relief as there would be significant changes in taxpayers' behaviour.</p><p>iii. Figures for tax liabilities on pensions in payment are now calculated using administrative taxpayer data on RTI payments made by pension schemes.</p><p> </p><p> </p><p>Historical figures relating to older years are available on the national archive (see relevant figures below), however due to substantial revisions to methodology, figures for these years are not comparable with 2012 to 13 onwards.</p><table><tbody><tr><td><p>Year</p></td><td><p>Pension tax relief (net of tax received on pension income) (£m)</p></td></tr><tr><td><p>2009-10</p></td><td><p>20,100</p></td></tr><tr><td><p>2010-11</p></td><td><p>24,000</p></td></tr><tr><td><p>2011-12</p></td><td><p>22,800</p></td></tr></tbody></table> answering member printed Lord Agnew of Oulton question first answered 21/02/2020 13:16:36 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4533 label Biography information for Baroness Altmann

1177209

	registered interest
	date	10/02/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Individual Savings Accounts
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the Written Answer by Lord Bates on 13 December 2017 (HL3799), what estimate they have made of the number of people aged (1) 50–59, (2) 60–69, (3) 70–79, (4) 80–89, and (5) 90 or over, who own ISAs; and for each age group, what is the monetary value of the average holding.
	tabling member printed	Baroness Altmann
	uin	HL1455
	answer	answer is ministerial correction date of answer 21/02/2020 answer text <p>The number of people in the age bands (1) 50–59, (2) 60–69, (3) 70–79, (4) 80–89, and (5) 90 or over, who own ISAs; and the average holding is set out in the table below for the most recent year for which we have data (2016/2017):</p><p> </p><table><tbody><tr><td colspan="2"><p>ISA Holders (16/17)</p></td><td><p>Numbers: thousands</p></td><td><p> </p></td></tr><tr><td><p> </p></td><td><p>Age</p></td><td><p>Total Number of ISA holders</p></td><td><p>Average ISA Market Values</p></td></tr><tr><td><p> </p></td><td><p>50-59</p></td><td><p>4,100</p></td><td><p>£26,900</p></td></tr><tr><td><p> </p></td><td><p>60-69</p></td><td><p>3,900</p></td><td><p>£41,600</p></td></tr><tr><td><p> </p></td><td><p>70-79</p></td><td><p>3,000</p></td><td><p>£47,400</p></td></tr><tr><td><p> </p></td><td><p>80-89</p></td><td><p>1,400</p></td><td><p>£48,300</p></td></tr><tr><td><p> </p></td><td><p>90 and over</p></td><td><p>300</p></td><td><p>£51,000</p></td></tr><tr><td><p> </p></td><td><p>Total<sub>1</sub></p></td><td><p>21,200</p></td><td><p>£27,600</p></td></tr><tr><td colspan="2"><p>Footnotes</p></td></tr><tr><td colspan="4"><p><sup>1</sup> Total is for all ages, including those not shown in the table.</p></td></tr></tbody></table><p> </p><p>This table is based on information used in HMRC Individual Savings Account (ISA) statistics, which is available on the Gov.uk website.</p> answering member printed Lord Agnew of Oulton question first answered 21/02/2020 13:20:21 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4533 label Biography information for Baroness Altmann

1186329

	registered interest
	date	18/03/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Workplace Pensions: Tax Allowances
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the Written Answer by Baroness Buscombe on 31 October 2018 (HL10750), how many (1) women, and (2) men, recorded in HMRC’s Real Time Information records, earning below the personal tax threshold, were contributing at work to a Net Pay Pension scheme in the tax years after 2016-17; and how often they plan to update these figures.
	tabling member printed	Baroness Altmann
	uin	HL2729
	answer	answer is ministerial correction date of answer 31/03/2020 answer text <p>HMRC estimate that 1.5m individuals earning below the personal allowance in 2017-18 made workplace pension contributions via Real Time Information (RTI) using net pay arrangements. About 75% of these individuals are estimated to be female and 25% are estimated to be male.</p><p> </p><p>The personal allowance in 2017-18 was £11,500.</p><p> </p><p>HMRC’s Survey of Personal Income (SPI) and administrative data was used to produce the estimates. The 2017-18 SPI data (published in March 2020) is the latest year available. The SPI is updated annually.</p><p> </p> answering member printed Lord Agnew of Oulton question first answered 31/03/2020 10:28:23 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4533 label Biography information for Baroness Altmann

1191401

	registered interest
	date	28/04/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pension Funds: Coronavirus
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to assist pension funds in matching their liabilities, in the light of the current COVID-19 pandemic-related issues in asset markets, by issuing (1) longevity or mortality gilts; (2) gilts linked to the consumer prices index; and (3) gilts specifically linked to limited consumer price inflation measures. [T]
	tabling member printed	Baroness Altmann
	uin	HL3581
	answer	answer is ministerial correction date of answer 05/05/2020 answer text <p>The Debt Management Office (DMO) continues to issue long-dated conventional gilts and index-linked gilts (linked to the Retail Prices Index), which are instruments often used by pension funds to match longer term liabilities. Decisions on the exact composition of debt issuance are informed by an assessment of investor demand for debt instruments by maturity and type as reported by stakeholders, and as manifested in the shape of the nominal and real yield curves; and by the government’s appetite for risk. The former is noted at quarterly consultation meetings with market participants, held by the DMO.</p><p> </p><p>At present, the UK Government does not have any plans to introduce any new debt financing instruments in response to Covid-19. The government remains open to the introduction of new debt instruments, but would need to be satisfied that any new instrument would meet value-for-money criteria, enjoy strong and sustained demand in the long-term and be consistent with wider fiscal objectives.</p> answering member printed Lord Agnew of Oulton question first answered 05/05/2020 10:58:33 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4533 label Biography information for Baroness Altmann