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1440140

registered interest
date	11/03/2022
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: Fees and Charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, with reference to her Department's consultation on exempting performance fees from the consumer price cap on pensions used for automatic enrolment, what assessment she has made of the potential for member detriment as a result of fund managers or pension providers changing their fee structures to add new performance-related fees or increase existing performance fees.
tabling member constituency	Leicester South
tabling member printed	Jonathan Ashworth
uin	138298
answer	answer is ministerial correction date of answer 16/03/2022 answer text <p>The charge cap has been and continues to be successful in achieving its objective to protect members from poor value for money charges. In 2020, I committed to the continued existence of the charge cap.</p><p> </p><p>At the same time, I am determined to make it easier for pension schemes to invest in illiquid assets and get better outcomes for savers. The Pension Charges Survey 2020 showed that two thirds of defined contribution schemes had zero direct investments in illiquid assets – which include infrastructure and green energy projects and venture capital investments which have the potential to achieve long-term benefits to savers. The survey also highlighted that when it came to diversifying the investment portfolio the performance fees that often form part of many of the opportunities within illiquid asset classes were seen as one of the barriers.</p><p> </p><p>In November 2021, I launched a consultation entitled ‘Enabling investment in productive finance’ to explore whether the removal of well-designed performance fees from the regulatory charge cap would improve member outcomes in the long-term by making it easier to pay such fees when investing in illiquid assets. A fundamental part of this is also ensuring trustees can exercise their fiduciary duty and protect members from high and unfair charges. There is no compulsion to pay performance fees but if trustees believe that there is an opportunity to improve member outcomes, we do not want to hold them back from seizing this.</p><p> </p><p>We received 54 responses to the consultation from pension schemes, asset managers, consumer rights groups and others on the impact our proposal would have on member protection and in helping to deliver better outcomes for pension savers. This included evidence of the impact any changes would have.</p><p> </p><p>We aim to publish a summary of the input and the views we received, as well as the Government’s proposed next steps in the coming weeks as part of a wider set of proposals and reform that the Government plans to bring forward to help pension scheme trustees access as wide a range of assets as possible.</p><p> </p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 138299 138300 138301 question first answered 16/03/2022 14:56:18 answering member 4142 label Biography information for Guy Opperman
tabling member	4244 label Biography information for Jonathan Ashworth

1440142

registered interest
date	11/03/2022
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: Fees and Charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, with reference to her Department's Pension Charges Survey 2020, what assessment she has made of the proportion of pension contribution schemes that plan to make allocations to real assets but are unable to do so as a result of the existing consumer price cap of 0.75 per cent in the context of the findings of that survey that average fees were 0.29 per cent in single employer schemes and 0.48 per cent in multi-employer schemes.
tabling member constituency	Leicester South
tabling member printed	Jonathan Ashworth
uin	138300
answer	answer is ministerial correction date of answer 16/03/2022 answer text <p>The charge cap has been and continues to be successful in achieving its objective to protect members from poor value for money charges. In 2020, I committed to the continued existence of the charge cap.</p><p> </p><p>At the same time, I am determined to make it easier for pension schemes to invest in illiquid assets and get better outcomes for savers. The Pension Charges Survey 2020 showed that two thirds of defined contribution schemes had zero direct investments in illiquid assets – which include infrastructure and green energy projects and venture capital investments which have the potential to achieve long-term benefits to savers. The survey also highlighted that when it came to diversifying the investment portfolio the performance fees that often form part of many of the opportunities within illiquid asset classes were seen as one of the barriers.</p><p> </p><p>In November 2021, I launched a consultation entitled ‘Enabling investment in productive finance’ to explore whether the removal of well-designed performance fees from the regulatory charge cap would improve member outcomes in the long-term by making it easier to pay such fees when investing in illiquid assets. A fundamental part of this is also ensuring trustees can exercise their fiduciary duty and protect members from high and unfair charges. There is no compulsion to pay performance fees but if trustees believe that there is an opportunity to improve member outcomes, we do not want to hold them back from seizing this.</p><p> </p><p>We received 54 responses to the consultation from pension schemes, asset managers, consumer rights groups and others on the impact our proposal would have on member protection and in helping to deliver better outcomes for pension savers. This included evidence of the impact any changes would have.</p><p> </p><p>We aim to publish a summary of the input and the views we received, as well as the Government’s proposed next steps in the coming weeks as part of a wider set of proposals and reform that the Government plans to bring forward to help pension scheme trustees access as wide a range of assets as possible.</p><p> </p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 138298 138299 138301 question first answered 16/03/2022 14:56:18 answering member 4142 label Biography information for Guy Opperman
tabling member	4244 label Biography information for Jonathan Ashworth

1129712

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	Workplace Pensions: Fees and Charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what recent assessment she has made of the effect of auto-enrolment on charging levels in the pensions sector.
tabling member constituency	Wallasey
tabling member printed	Ms Angela Eagle
uin	259885
answer	answer is ministerial correction date of answer 11/06/2019 answer text <p>DWP’s latest pension charges survey, published in October 2017, found that most schemes charge between 0.38 and 0.54% depending on the type of pension. This is well within the 0.75% charge cap which applies to the default fund of pension schemes used for automatic enrolment.</p><p>The October 2017 charges survey can be found here:</p><p><a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/652086/pension-charges-survey-2016-charges-in-defined-contribution-pension-schemes.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/652086/pension-charges-survey-2016-charges-in-defined-contribution-pension-schemes.pdf</a></p><p>This matter is always kept under review.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 11/06/2019 16:46:18 answering member 4142 label Biography information for Guy Opperman
tabling member	491 label Biography information for Dame Angela Eagle

528548

registered interest
date	24/06/2016
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	Workplace Pensions: Fees and Charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, on what date the Financial Conduct Authority review on the disclosure of transaction cost information for workplace pension schemes is planned to be published.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	41195
answer	answer is ministerial correction date of answer 01/07/2016 answer text <p>The Government and Financial Conduct Authority (FCA) remain committed to ensuring that members of pension schemes are able to obtain information about the costs and charges which they bear.</p><p> </p><p>Governance bodies of defined contribution workplace pension schemes are obliged, under existing requirements, to assess transaction costs. The FCA is actively considering how to achieve greater transparency and standardisation of these costs, and plans to publish a consultation later this year.</p> answering member constituency North Swindon answering member printed Justin Tomlinson question first answered 01/07/2016 13:29:40 answering member 4105 label Biography information for Justin Tomlinson
tabling member	4410 label Biography information for Julian Knight

173506

registered interest
date	13/01/2015
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: Fees and Charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, if his Department will publish a list of the high charging pension schemes referred to by the Independent Project Board in its report, Defined contribution workplace pensions: The audit of charges and benefits in legacy schemes, published in December 2014.
tabling member constituency	Glasgow North East
tabling member printed	Mr William Bain
uin	220645
answer	answer is ministerial correction date of answer 16/01/2015 answer text <p /> <p>The recent audit of charges and benefits in legacy pension schemes was undertaken by an Independent Project Board, on which the Department for Work and Pensions was represented. The data collected as part of the legacy audit which was shared with members of the Independent Project Board was aggregated and anonymised. We do not therefore hold provider or scheme specific information.</p> answering member constituency Thornbury and Yate answering member printed Steve Webb question first answered 16/01/2015 14:17:40 answering member 220 label Biography information for Steve Webb
tabling member	1610 label Biography information for Mr William Bain

166087

registered interest
date	25/11/2014
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: Fees and Charges
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they are measuring the impact of auto-enrolment on fees charged by the investment management industry; and what plans they have to track any changes.
tabling member printed	Lord Mendelsohn
uin	HL3145
answer	answer is ministerial correction date of answer 08/12/2014 answer text <p /> <p>The Government’s Command Paper, ‘Better Workplace Pensions: Further measures for savers’, published in March, set out a range of measures including a cap on charges in default fund arrangements, a ban on inappropriate charges and proposals to introduce minimum governance standards and improve transparency across workplace defined contribution schemes.</p><p> </p><p>Following this, Government launched its consultation on draft regulations on governance and charges in occupational pension schemes in October 2014. Subject to Parliamentary approval, the majority of this legislation will come into force from April 2015, alongside Financial Conduct Authority (FCA) rules in relation to workplace personal pension schemes where appropriate. From April 2015, the Government intends to introduce a charge cap on the default funds of qualifying schemes, set at 0.75 per cent of funds under management and the first phase of enhanced transparency with trustees and Independent Governance Committees (IGCs) being required to report on costs and charges for the first time.</p><p> </p><p>In 2015 Government will consult on regulations under duties in the Pensions Act 2014 requiring information about transaction costs to be disclosed to members and others, and the publication of costs and charges information. The FCA also intends to consult on amending their own rules to introduce equivalent enhanced transparency provisions for workplace personal pension schemes during 2015. The Government has also set out its plans to review the level of the default fund charge cap, to see if it should be lowered, and also whether it should include some or all of the transaction costs that are ultimately borne by members within a cap. This review will take place in 2017.</p><p> </p><p>Taken together the combined effect of these measures on charges, governance and transparency and the Government’s commitment to a review should ensure that savers are being enrolled into workplace schemes that are well run and in members’ interests.</p> answering member printed Lord Freud question first answered 08/12/2014 12:19:52 answering member 3893 label Biography information for Lord Freud
tabling member	4286 label Biography information for Lord Mendelsohn