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1205030

registered interest
date	17/06/2020
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	Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the Social Market Foundation's proposal in Investing in Britain's future: Financing and funding infrastructure after the Coronavirus crisis, published on 15 June, to create pension superfunds to invest in infrastructure and support economic recovery; and when they expect to report on progress made in pension fund consolidation, after consultation with relevant stakeholders.
tabling member printed	Lord Myners
uin	HL5871
answer	answer is ministerial correction date of answer 08/07/2020 answer text <p>On 18 June, The Pensions Regulator published its interim regime for Defined Benefit pension superfunds, which is effective immediately. This is a significant step in progressing this policy area which has the potential to benefit employers, savers and wider society.</p><p> </p><p>The government recognises the potential large superfunds have to deploy significant capital in the investment markets that could benefit the wider economy. We expect superfunds will operate a well-diversified portfolio which may include investment in suitable infrastructure projects where the long term nature of returns are suited to long term pension liabilities.</p><p> </p><p>A written statement on this subject has now been published and a copy is attached.</p> answering member printed Baroness Stedman-Scott question first answered 08/07/2020 13:35:46 answering member 4174 label Biography information for Baroness Stedman-Scott attachment 1 file name House of Lords Written Statement.pdf title Pensions: Interim Guidance for “Superfunds”
tabling member	3869 label Biography information for Lord Myners

1205041

registered interest
date	17/06/2020
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	Social Security Benefits: Children
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the call by the Joseph Rowntree Foundation and Save the Children to increase the child component of Universal Credit and Child Tax Credits by £20 a week, following their research showing that 7 in 10 families with children in receipt of Universal Credit are cutting back on essentials as a result of the COVID-19 pandemic.
tabling member printed	The Lord Bishop of Durham
uin	HL5845
answer	answer is ministerial correction date of answer 06/07/2020 answer text <p>This Government has introduced an unprecedented package of welfare support of over £6.5 billion to help families cope with the financial impact of COVID-19. This has included increases to<br>Universal Credit and Working Tax Credit worth up to £1,040 this financial year. In addition, we have increased Local Housing Allowance, lifting rates to the 30th percentile in the Private Rented Sector, putting an average of £600 into people’s pockets.</p><p /><p /> <p> </p><p /><p /> <p>Local Authorities in England will now be able to use the £500 million Hardship Fund announced at the Spring Budget, to help working people on Local Council Tax Support to provide additional help to vulnerable people locally through arrangements such as Local Welfare Schemes. On 10 June, it was announced that we are now providing £63 million in additional funding to local authorities in England to help people who find themselves in severe financial difficulties, through local welfare assistance programmes.</p><p /><p /> <p> </p><p> </p> answering member printed Baroness Stedman-Scott question first answered 06/07/2020 14:00:45 answering member 4174 label Biography information for Baroness Stedman-Scott
tabling member	4312 label Biography information for The Lord Bishop of Durham