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175839

registered interest
date	21/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Welfare Tax Credits
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what proportion of recipients of tax credits are in employment.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	907257
answer	answer is ministerial correction date of answer 27/01/2015 answer text <p>I refer the hon. Member to the Exchequer Secretary’s earlier response to Question 14.</p><p><a href="http://www.publications.parliament.uk/pa/cm201415/cmhansrd/cm150127/debtext/150127-0001.htm#15012737000002" target="_blank">http://www.publications.parliament.uk/pa/cm201415/cmhansrd/cm150127/debtext/150127-0001.htm#15012737000002</a></p><p> </p> answering member constituency Witham answering member printed Priti Patel question first answered 27/01/2015 15:54:50 answering member 4066 label Biography information for Priti Patel
tabling member	3928 label Biography information for Nick Smith

386968

registered interest
date	01/07/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Greece
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, pursuant to his contribution of 29 June 2015, Official Report, column 1221, on Greece, how many UK citizens resident in (a) the UK and (b) Greece hold accounts with Greek banks.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	5140
answer	answer is ministerial correction date of answer 07/07/2015 answer text <p>The Chancellor of the Exchequer set out the position in relation to British residents in Greece, as part of his statement to House on 29 June.</p><p> </p><p> </p><p> </p><p>The Chancellor updated the House on the situation in Greece on 6 July.</p><p> </p><p> </p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 07/07/2015 14:35:50 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	3928 label Biography information for Nick Smith

983298

registered interest
date	08/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	EU Grants and Loans: Wales
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether it is his policy to replicate the Structural Fund payments to Wales after the UK leaves the EU.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	176202
answer	answer is ministerial correction date of answer 12/10/2018 answer text <p>Under the draft Withdrawal Agreement, the UK will continue to participate in all 2014-2020 EU programmes until they close. In the unlikely event this agreement is not ratified, the government’s guarantee for EU-funded programmes will instead apply.</p><p> </p><p>In the longer term the government has committed to create a UK Shared Prosperity Fund, which we intend to consult on later this year. Following this consultation, decisions on future funding will be taken in the round at the 2019 Spending Review.</p> answering member constituency South West Norfolk answering member printed Elizabeth Truss question first answered 12/10/2018 10:34:29 answering member 4097 label Biography information for Elizabeth Truss
tabling member	3928 label Biography information for Nick Smith

994586

registered interest
date	25/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Annuities
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will bring forward legislative proposals to amend the trivial commutation and small pots rules to enable more people to access their annuities as a lump sum.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	183913
answer	answer is ministerial correction date of answer 31/10/2018 answer text <p>The small pots and trivial commutation rules are permissive sets of tax rules which pre-date the pension freedoms reforms introduced in 2015. The rules may allow an individual to access their pension as a lump sum if they are at least 55 years old, or retiring at an earlier age because of ill-health, and the value of the payment does not exceed £10,000 for small pots, or £30,000 for trivial commutation. The rules limit what arrangements can be accessed in this way.</p><p> </p><p>As the regulations are permissive, there is no obligation on providers to offer small pot lump sums to consumers. The Government has no plans at present to amend existing legislation to require insurers to commute annuities in payment.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 183914 question first answered 31/10/2018 10:39:56 answering member 4051 label Biography information for John Glen
tabling member	3928 label Biography information for Nick Smith

994587

registered interest
date	25/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Annuities
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of amending the trivial commutation and small pots rules to require insurers to commute annuities into lump sum payments for consumers; and if he will make a statement.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	183914
answer	answer is ministerial correction date of answer 31/10/2018 answer text <p>The small pots and trivial commutation rules are permissive sets of tax rules which pre-date the pension freedoms reforms introduced in 2015. The rules may allow an individual to access their pension as a lump sum if they are at least 55 years old, or retiring at an earlier age because of ill-health, and the value of the payment does not exceed £10,000 for small pots, or £30,000 for trivial commutation. The rules limit what arrangements can be accessed in this way.</p><p> </p><p>As the regulations are permissive, there is no obligation on providers to offer small pot lump sums to consumers. The Government has no plans at present to amend existing legislation to require insurers to commute annuities in payment.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 183913 question first answered 31/10/2018 10:39:56 answering member 4051 label Biography information for John Glen
tabling member	3928 label Biography information for Nick Smith

1105286

registered interest
date	26/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Advisory Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the effectiveness of current (a) legal (b) administrative and (c) financial penalties for the provision of poor pension transfer advice.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	237078
answer	answer is ministerial correction date of answer 03/04/2019 answer text <p>The Government is committed to working with the Financial Conduct Authority (FCA), the independent financial services regulator, to ensure consumers have access to high quality financial advice. The FCA is responsible for ensuring that the financial advice market works well, competitively and fairly. The Government has established a strong regulatory framework to enable the FCA’s work.</p><p> </p><p>The FCA has considerable power to take action where it sees evidence of poor pension transfer advice. For example, they may impose a financial penalty on firms or individuals, require the firm to pay redress to its customers, place restrictions on the firm’s permissions or prohibit individuals from operating in financial services.</p> answering member constituency Salisbury answering member printed John Glen question first answered 03/04/2019 10:41:01 answering member 4051 label Biography information for John Glen
tabling member	3928 label Biography information for Nick Smith

1126005

registered interest
date	13/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mineworkers' Pension Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when he plans to respond to the open letter of 11 April 2019 on the Mineworkers' Pension Scheme ;and if he will meet with the signatories of that letter.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	253552
answer	answer is ministerial correction date of answer 15/05/2019 answer text <p>I have responded to the letter dated 11 April 2019 as the Minister responsible for the scheme. Discussions with the Trustees of the Scheme are ongoing about possible changes that would benefit all parties.</p> answering member constituency South West Norfolk answering member printed Elizabeth Truss question first answered 15/05/2019 16:09:31 answering member 4097 label Biography information for Elizabeth Truss
tabling member	3928 label Biography information for Nick Smith

1134106

registered interest
date	24/06/2019
answering body	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 the Chancellor of the Exchequer, with reference to the Financial Conduct Authority survey of defined benefit pension advice published on 19 June 2019, what assessment his Department has made of the effectiveness of advice provided by the financial services industry on the potential merits of transferring out of defined benefit pension schemes.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	268448
answer	answer is ministerial correction date of answer 02/07/2019 answer text <p>The Government is committed to working with the Financial Conduct Authority (FCA), the independent financial services regulator, who are responsible for ensuring that the financial advice market works well, competitively and fairly. The Government has established a strong regulatory framework to enable the FCA’s work.</p><p> </p><p>In November 2018, the FCA requested data from every firm with permission to advise on defined benefit pension transfers, which provided them with a full picture of the market from 2015. In publishing the data in June 2019, the FCA raised concerns that firms are recommending that large numbers of consumers transfer out of their defined benefit (DB) pension schemes despite the FCA’s stance that transfers are likely to be unsuitable for most clients.</p><p> </p><p>Although the data are not an assessment of the suitability of advice, they give the FCA the information they need to focus their supervision work. The FCA will be writing to all firms and started visits to the most active firms in the market, with a view to complete a full assessment of the firms’ approach to DB advice, focusing on key aspects of firms’ business models and processes which could give rise to harm. The FCA will not hesitate to use their investigatory powers where they identify evidence of misconduct which could have caused harm to consumers.</p> answering member constituency Salisbury answering member printed John Glen question first answered 02/07/2019 14:20:00 answering member 4051 label Biography information for John Glen
tabling member	3928 label Biography information for Nick Smith

1143791

registered interest
date	02/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mineworkers' Pension Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will publish the expenditure of Government receipts from the Mineworkers' Pension Scheme surpluses disaggregated by area of expenditure in (a) 2015, (b) 2016, (c) 2017 and (d) 2018.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	285250
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>Receipts from the Mineworkers’ Pension Scheme come into the Consolidated Fund and are then spent on the provision of public services. We therefore cannot track specific receipts to expenditure.</p> answering member constituency Richmond (Yorks) answering member printed Rishi Sunak question first answered 09/09/2019 11:33:06 answering member 4483 label Biography information for Rishi Sunak
tabling member	3928 label Biography information for Nick Smith

1156372

registered interest
date	25/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mineworkers' Pension Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, by what date his Department plans to implement proposals of the Mineworkers' Pensions Scheme on the long-term protection of pension bonuses for members of that Scheme.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	5421
answer	answer is ministerial correction date of answer 30/10/2019 answer text <p>A decision on the changes has been taken and we will communicate this to interested parties shortly.</p> answering member constituency Richmond (Yorks) answering member printed Rishi Sunak question first answered 30/10/2019 10:20:31 answering member 4483 label Biography information for Rishi Sunak
tabling member	3928 label Biography information for Nick Smith