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227419

registered interest
date	16/03/2015
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
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what representations they or the Pensions Regulator have received about the operation of the Pensions Regulator internet portal for the registration of contacts for the automatic enrolment of employees into workplace pensions, in particular in relation to problems with the login details supplied to employers; and what steps they plan to take to rectify any such problems to enable employers to meet the 1 April deadline for registration.
tabling member printed	Lord Stevens of Ludgate
uin	HL5740
answer	answer is ministerial correction date of answer 24/03/2015 answer text <p>The Pensions Regulator has received feedback from some small and micro businesses about the operation of the internet portal for automatic enrolment contact detail registration, known as the &quot;nominate a contact&quot; webpage. This feedback suggests that some users are not very familiar with their PAYE reference. The letters currently sent to customers from the Regulator protects customer data by masking the first 3 digits of their PAYE reference with asterisks and some customers are trying to enter the asterisks as part of their PAYE reference which is generating an error message.</p><p> </p><p>The Regulator is fully aware of the issue. To address it, they are updating the website to clarify exactly what to enter and including the full PAYE reference on relevant letters in future so employers have all the details they need in front of them when prompted by the letter to visit the automatic enrolment contact nomination webpage.</p> answering member printed Lord Freud question first answered 24/03/2015 13:47:18 answering member 3893 label Biography information for Lord Freud
tabling member	2227 label Biography information for Lord Stevens of Ludgate

166088

registered interest
date	25/11/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Workplace Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they are measuring compensation levels in the investment management industry and any changes due to auto-enrolment.
tabling member printed	Lord Mendelsohn
uin	HL3146
answer	answer is ministerial correction date of answer 09/12/2014 answer text <p>Compensation levels in the investment management industry are already governed by the Remuneration Code (“the Code”) which is part of the FCA Handbook. Investment firms must ensure that their remuneration policies do not encourage staff to sell inappropriate products or give rise to a conflict of interest. Firms are also required to ensure that remuneration is structured through an appropriate and suitable balance between fixed and variable compensation where the variable part is subject to forfeiture if losses or misconduct come to light after the award has been made. Firms managing funds that accept payments from auto-enrolment schemes must adhere to the Code.</p><p> </p> answering member printed Lord Deighton question first answered 09/12/2014 17:25:31 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

166089

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
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what plans they have to review the basis on which projections of potential returns are used by the investment management industry in communications with pension holders.
tabling member printed	Lord Mendelsohn
uin	HL3147
answer	answer is ministerial correction date of answer 08/12/2014 answer text <p /> <p>Since 6 April 2003, certain money purchase pension arrangements have been required to provide members with Statutory Money Purchase Illustrations (SMPIs). Legislation requires that statutory illustrations are produced in accordance with guidance prepared by a prescribed body approved by the Secretary of State for Work and Pensions and by the Department for Social Development in Northern Ireland.</p><p>The Financial Reporting Council (FRC) is the prescribed body and has been since 6 April 2007. The FRC fulfils its obligations through the publication of Actuarial Standard Technical Memorandum AS TM1: Statutory Money Purchase Illustrations (AS TM1). It reviews AS TM1 regularly and the last completed review was carried out in 2013 following the introduction of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (SI 2013/2734) which came into force on 6 April 2014. The AS TM1 specifies that the investment return should take into account the current and anticipated future investment strategy of the member’s funds over the period to retirement and be consistent from year to year, with the rationale documented and made available to members on request.</p><p> </p><p>In addition, Financial Conduct Authority (FCA) rules require a projection at point of sale for contract based pensions. The investment return must reflect the investment potential of the (expected) underlying assets, subject to an overall cap of 5%pa. Flanking projections must be provided using returns which vary by +/- 3%. The FCA has a public commitment to review the basis every 4 years and the next review is due in 2015. The FCA do not require further projections during the lifetime of the contract as pension scheme members will receive statutory statements prepared under DWP legislation. However, where a provider chooses to provide additional projections, they must follow the same basis as point of sale projections.</p> answering member printed Lord Freud question first answered 08/12/2014 12:26:30 answering member 3893 label Biography information for Lord Freud
tabling member	4286 label Biography information for Lord Mendelsohn

79175

registered interest
date	21/07/2014
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
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what is the number and percentage of people who are members of occupation pension schemes by region in (1) England, (2) Scotland, and (3) Wales.
tabling member printed	Lord Hutton of Furness
uin	HL1336
answer	answer is ministerial correction date of answer 24/07/2014 answer text <p /> <p /> <p>Information on the proportions of employees with workplace pensions is collected in the Annual Survey of Hours and Earnings and published on the ONS website. <a href="http://www.ons.gov.uk/ons/rel/ashe/annual-survey-of-hours-and-earnings-pension-tables/2013-provisional-results/index.html" target="_blank">http://www.ons.gov.uk/ons/rel/ashe/annual-survey-of-hours-and-earnings-pension-tables/2013-provisional-results/index.html</a></p><p> </p><p>Figure 1 shows that overall for the UK, 49.8 per cent of employees were members of workplace pension schemes in 2013. This is an increase from 46.5 per cent in 2012 and is the biggest rise in workplace pension coverage since figures began in 1997.</p><p> </p><p>Figure 9 shows a breakdown of the proportion of employees with workplace pensions by sector and region. This shows a weak relationship between the region where the employer is located and the proportion of employees with a workplace pension. Overall membership was highest in Scotland (55.3 per cent) and lowest in East Midlands (46.7 per cent). In Wales it was 53.2 per cent.</p> answering member printed Lord Freud question first answered 24/07/2014 15:18:09 answering member 3893 label Biography information for Lord Freud
tabling member	494 label Biography information for Lord Hutton of Furness