https://www.eapf.org.uk/~/media/document-libraries/eapf2/policies/2023/conflicts-of-interest-policy-agreed-at-june--23-pc--final_v2.pdf?la=en&hash=73A3192F28D6418F742FA515277EE97CA00E8542<\/a><\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4580", "label" : {"_value" : "Biography information for Baroness Vere of Norbiton"}
}
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, "dateOfAnswer" : {"_value" : "2024-02-12", "_datatype" : "dateTime"}
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, "questionFirstAnswered" : [{"_value" : "2024-02-12T16:40:10.63Z", "_datatype" : "dateTime"}
]}
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, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-01-29", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Pension Funds"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government what assessment they have made of the practice of the pension funds of regulators investing in companies for which the regulator has oversight responsibility, for example in the recent case of the Environment Agency\u2019s pension fund investing in companies which produce PFAS.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4719", "label" : {"_value" : "Biography information for Baroness Bennett of Manor Castle"}
}
, "tablingMemberPrinted" : [{"_value" : "Baroness Bennett of Manor Castle"}
], "uin" : "HL1972"}
, {"_about" : "http://data.parliament.uk/resources/1543117", "AnsweringBody" : [{"_value" : "Department for Work and Pensions"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1543117/answer", "answerText" : {"_value" : "The Department\u2019s formal consultation on the draft Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2023 closed on 17 October 2022 and we are currently analysing responses. These Regulations will come into force in due course along with the Pension Regulator's revised Defined Benefit Funding Code of Practice.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4174", "label" : {"_value" : "Biography information for Baroness Stedman-Scott"}
}
, "answeringMemberPrinted" : {"_value" : "Baroness Stedman-Scott"}
, "dateOfAnswer" : {"_value" : "2022-11-29", "_datatype" : "dateTime"}
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, "questionFirstAnswered" : [{"_value" : "2022-11-29T13:19:02.787Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "29"}
, "answeringDeptShortName" : {"_value" : "Work and Pensions"}
, "answeringDeptSortName" : {"_value" : "Work and Pensions"}
, "date" : {"_value" : "2022-11-16", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Pension Funds"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government what update they can provide on the implementation of their pension funds plan for 2023.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"}
], "uin" : "HL3486"}
, {"_about" : "http://data.parliament.uk/resources/926470", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/926470/answer", "answerText" : {"_value" : "
The Competition and Markets Authority (CMA) are currently conducting a detailed investigation of the Investment Consultants market. Their investigation will examine market concentration, the competitive landscape, information on fees and quality of service, among other issues. The CMA will publish their final report by March 2019 and the Government will study it closely.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/1091", "label" : {"_value" : "Biography information for Lord Bates"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Bates"}
, "dateOfAnswer" : {"_value" : "2018-06-29", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2018-06-29T10:22:59.757Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2018-06-18", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Pension Funds"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government what assessment they have made of data from IC Select showing a decline in the percentage of investment consultant contracts put out to tender by pension funds from 20 per cent in 2008 to 3 per cent last year.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4286", "label" : {"_value" : "Biography information for Lord Mendelsohn"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Mendelsohn"}
], "uin" : "HL8725"}
, {"_about" : "http://data.parliament.uk/resources/926472", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/926472/answer", "answerText" : {"_value" : "
Since 2015, trustees of defined contribution occupational pension schemes (as well as Independent Governance Committees of workplace personal pensions) have had a duty to assess and report on the costs and charges borne by members and the performance of the default fund.<\/p>
<\/p>
As part of that work, The Pensions Regulator have produced Code of Practice 13 which relates to the Governance and administration of occupational trust-based schemes which provide money purchase benefits and accompanying guidance on investment governance and value for members.<\/p>
<\/p>
This guidance is intended to assist trustees of DC pension schemes overseeing investments, and enable them to satisfy themselves that beneficiaries are receiving value for money.<\/p>
<\/p>
Earlier this year, the FCA introduced new rules for investment managers that provide services to occupational and workplace personal defined contribution schemes, requiring them to disclose investment management charges and transaction costs on request to trustees and Independent Governance Committees. The DWP made regulations to require defined contribution scheme trustees to publish costs and charges borne by members, alongside an illustration of the impact of those costs and charges over time. Trustees must have regard to statutory guidance produced by DWP, in creating and publishing those illustrations. The FCA will consult on equivalent provisions for workplace personal pensions in due course.<\/p>
<\/p>
In defined benefit schemes, it is the employer who bears the cost of the scheme. The Government\u2019s White Paper, \u2018Protecting Defined Benefit Pensions\u2019, committed DWP to work with The Pensions Regulator and other parties to consider what more could be done to promote greater transparency of costs and charges in defined benefit schemes to help drive efficiencies.<\/p>
<\/p>
The FCA also conducted a detailed Market Study into the Asset Management sector, which examined the relationship between asset management fees and performance. The FCA found some evidence of a negative relationship between net returns and charges. In response to these findings, and to increase overall competition in the sector, the FCA devised a package of remedies. Firstly, they strengthened the duty on fund managers to act in the best interests of investors. Secondly, they introduced a requirement of fund managers to assess whether the charges taken from a fund are justified in the context of the overall value provided by the fund. Thirdly, they introduced requirements to ensure fee transparency and lastly, they formed a working group tasked to consider how to make fund objectives as clear as possible.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/1091", "label" : {"_value" : "Biography information for Lord Bates"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Bates"}
, "dateOfAnswer" : {"_value" : "2018-07-02", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : {"_value" : "HL8728"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2018-07-02T13:42:45.003Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2018-06-18", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Pension Funds"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government whether they will establish requirements for the investment management industry to publish (1) aggregated data on the overall impact of all costs charged on pension funds, and (2) data on compensation, including all bonus details.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4286", "label" : {"_value" : "Biography information for Lord Mendelsohn"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Mendelsohn"}
], "uin" : "HL8727"}
, {"_about" : "http://data.parliament.uk/resources/926474", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/926474/answer", "answerText" : {"_value" : "
Since 2015, trustees of defined contribution occupational pension schemes (as well as Independent Governance Committees of workplace personal pensions) have had a duty to assess and report on the costs and charges borne by members and the performance of the default fund.<\/p>
<\/p>
As part of that work, The Pensions Regulator have produced Code of Practice 13 which relates to the Governance and administration of occupational trust-based schemes which provide money purchase benefits and accompanying guidance on investment governance and value for members.<\/p>
<\/p>
This guidance is intended to assist trustees of DC pension schemes overseeing investments, and enable them to satisfy themselves that beneficiaries are receiving value for money.<\/p>
<\/p>
Earlier this year, the FCA introduced new rules for investment managers that provide services to occupational and workplace personal defined contribution schemes, requiring them to disclose investment management charges and transaction costs on request to trustees and Independent Governance Committees. The DWP made regulations to require defined contribution scheme trustees to publish costs and charges borne by members, alongside an illustration of the impact of those costs and charges over time. Trustees must have regard to statutory guidance produced by DWP, in creating and publishing those illustrations. The FCA will consult on equivalent provisions for workplace personal pensions in due course.<\/p>
<\/p>
In defined benefit schemes, it is the employer who bears the cost of the scheme. The Government\u2019s White Paper, \u2018Protecting Defined Benefit Pensions\u2019, committed DWP to work with The Pensions Regulator and other parties to consider what more could be done to promote greater transparency of costs and charges in defined benefit schemes to help drive efficiencies.<\/p>
<\/p>
The FCA also conducted a detailed Market Study into the Asset Management sector, which examined the relationship between asset management fees and performance. The FCA found some evidence of a negative relationship between net returns and charges. In response to these findings, and to increase overall competition in the sector, the FCA devised a package of remedies. Firstly, they strengthened the duty on fund managers to act in the best interests of investors. Secondly, they introduced a requirement of fund managers to assess whether the charges taken from a fund are justified in the context of the overall value provided by the fund. Thirdly, they introduced requirements to ensure fee transparency and lastly, they formed a working group tasked to consider how to make fund objectives as clear as possible.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/1091", "label" : {"_value" : "Biography information for Lord Bates"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Bates"}
, "dateOfAnswer" : {"_value" : "2018-07-02", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : {"_value" : "HL8727"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2018-07-02T13:42:44.957Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2018-06-18", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Pension Funds"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government whether they will instruct regulatory authorities to provide investors and pension holders with full guidance about costs, understanding performance, risks and returns, and the impact of different compensation structures.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4286", "label" : {"_value" : "Biography information for Lord Mendelsohn"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Mendelsohn"}
], "uin" : "HL8728"}
, {"_about" : "http://data.parliament.uk/resources/425843", "AnsweringBody" : [{"_value" : "Department for Work and Pensions"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/425843/answer", "answerText" : {"_value" : "
Automatic enrolment is driving scale in pension provision and the clear trend is towards larger schemes which are better able to take advantage of the economies of scale including better access to a wider range of investment vehicles.<\/p>
The Government fully supports the concrete steps the pensions industry has taken to cooperate on investment strategies \u2013 for example, the Pensions Infrastructure Platform (PIP) launched in February last year, and the London Collective Investment Vehicle (CIV) currently under development by a number of local authorities\u2019 pension schemes in London.<\/p>
Moreover, the Government will also work with the Local Government Pension Scheme Administering Authorities more widely to ensure that they pool investments to reduce costs significantly, while maintaining overall investment performance.<\/p>
Trustees and managers are ultimately responsible for making investment decisions in the best interests of scheme members, and the Government recognises the challenges of the current economic environment for scheme funding. The Pensions Regulator sets out on an annual basis its key messages on current market conditions and how trustees and employers can agree appropriate funding plans that protect members\u2019 benefits without undermining the sustainable growth of the employer.<\/p>
Ministers continue to meet regularly with key stakeholders from the pensions industry to understand better the range of challenges facing schemes and employers and will consider whether there are further steps the Government could take.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4533", "label" : {"_value" : "Biography information for Baroness Altmann"}
}
, "answeringMemberPrinted" : {"_value" : "Baroness Altmann"}
, "dateOfAnswer" : {"_value" : "2015-11-17", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2015-11-17T17:53:48.747Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "29"}
, "answeringDeptShortName" : {"_value" : "Work and Pensions"}
, "answeringDeptSortName" : {"_value" : "Work and Pensions"}
, "date" : {"_value" : "2015-11-03", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Pension Funds"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty\u2019s Government what progress has been made in encouraging small pension funds in the United Kingdom to amalgamate or co-operate in order to be able to compete with larger international pension funds in the purchase of suitable assets.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4216", "label" : {"_value" : "Biography information for Lord Empey"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Empey"}
], "uin" : "HL3241"}
, {"_about" : "http://data.parliament.uk/resources/385303", "AnsweringBody" : [{"_value" : "Department for Work and Pensions"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/385303/answer", "answerText" : {"_value" : "
The Government is committed to ensuring greater transparency for pension savers.<\/p>
<\/p>
From April this year, workplace schemes are required to report on the value delivered by costs and charges in their scheme for the first time. Building on this, the Department for Work and Pensions and the Financial Conduct Authority ran a joint Call for Evidence \u2018Transaction Cost Disclosure: Improving Transparency in Workplace Pensions\u2019, considering how transaction costs could be disclosed in a standardised way. This is the first phase of work required to meet duties under Section 44 of the Pensions Act 2014 to require transaction costs to be disclosed to members and others; and transaction costs and administration charges to be published. The Government is currently considering responses to the Call for Evidence.<\/p>
<\/p>
Transparency is not just about costs and charges. Earlier this year the Government consulted on changes to the Occupational Pension Schemes Investment Regulations requiring trustees to report how they take financial and non-financial factors into account when investing, and their schemes stewardship policy. The Government is currently considering responses to the consultation.<\/p>
<\/p>
The Government intends to consult on any secondary legislation required following these exercises later this year, and will consider what further proposals may be needed to ensure greater transparency for pension savers including consideration both of its duties under the Pensions Act 2014 and the remarks made in debates on 7 January.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4533", "label" : {"_value" : "Biography information for Baroness Altmann"}
}
, "answeringMemberPrinted" : {"_value" : "Baroness Altmann"}
, "dateOfAnswer" : {"_value" : "2015-07-06", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2015-07-06T12:06:11.487Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "29"}
, "answeringDeptShortName" : {"_value" : "Work and Pensions"}
, "answeringDeptSortName" : {"_value" : "Work and Pensions"}
, "date" : {"_value" : "2015-06-24", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Pension Funds"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty\u2019s Government, further to the remarks by Lord Bourne of Aberystwyth on 7 January (HL Deb, col 432), when they plan to consult on improving transparency for pension savers regarding where their money is invested and how rights attached to it are being exercised; and when they plan to consider how secondary legislation could be used to ensure greater transparency for pension savers.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/2488", "label" : {"_value" : "Biography information for Lord Harrison"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Harrison"}
], "uin" : "HL786"}
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