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1650124

registered interest
date	04/07/2023
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 His Majesty's Government under what statutory provisions they have powers to legislate (1) to require occupational pension schemes to report on their impacts on water, circular economy, pollution and biodiversity, and (2) to clarify occupational pension schemes’ fiduciary duties.
tabling member printed	Baroness Hayman
uin	HL9028
answer	answer is ministerial correction date of answer 17/07/2023 answer text <p>The Government already requires occupational pension schemes over a certain size to report in line with the Taskforce on Climate-related Financial Disclosures recommendations.</p><p> </p><p>With regards to fiduciary duties, The Pension Regulator already provides guidance setting out that climate-related risks should be managed alongside other risks that trustees consider as part of their fiduciary duties.</p> answering member printed Viscount Younger of Leckie question first answered 17/07/2023 13:56:45 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	1649 label Biography information for Baroness Hayman

1641722

registered interest
date	05/06/2023
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, if he will make an assessment of the potential merits of increasing the flexibility of retirement options for final salary schemes.
tabling member constituency	York Central
tabling member printed	Rachael Maskell
uin	187738
answer	answer is ministerial correction date of answer 13/06/2023 answer text <p>A final salary pension scheme offers members a valuable guarantee of a secure retirement income for life, and will often offer some flexibility to their members, in terms of the shape of benefits and when they are taken. There are routes to transferring out to access further flexibilities, subject, where appropriate, to taking appropriate advice.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 13/06/2023 13:00:16 answering member 4780 label Biography information for Laura Trott
tabling member	4471 label Biography information for Rachael Maskell

1639848

registered interest
date	23/05/2023
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, whether he has made an assessment of the implications for his Department's policies of requiring employees who have opted out of a workplace pension scheme to be automatically re-enrolled every three years.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	186527
answer	answer is ministerial correction date of answer 30/05/2023 answer text <p>The government continues to advocate for the importance of pension saving which offers greater financial resilience in later life. Automatic Enrolment (AE) has transformed pension participation rates, with 86% of eligible private sector employees saving into a workplace pension in 2021, up from 42% in 2012.</p><p> </p><p>AE was deliberately designed with an opt-out to give people choice, enabling them to decide if saving for a pension is right for them given their circumstances and affordability.</p><p> </p><p>This is why when an individual makes the decision to pause or cease contributions, the AE framework requires their employer to re-assess and re-enol their eligible employees every three years, which prevents individuals from falling out of pension saving in the medium to long term.</p><p> </p><p>The re-enrolment regime has been successful, seeing 1 million eligible job holders automatically re-enrolled since the introduction of AE in 2012.</p><p> </p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 30/05/2023 14:47:55 answering member 4780 label Biography information for Laura Trott
tabling member	4488 label Biography information for Martyn Day

1639849

registered interest
date	23/05/2023
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what assessment he has made of the potential merits of requiring employers to provide information on workplace pension (a) automatic enrolment and (b) opt-out notices in a non-digital format to assist employees without access to digital communications.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	186528
answer	answer is ministerial correction date of answer 30/05/2023 answer text <p>There are no plans to place an additional statutory requirement on businesses to provide non-digital opt-out notices and information on automatic enrolment (AE). Detailed guidance from The Pensions Regulator (TPR) specifically asks employers to consider the appropriateness of the format of the information they are providing to their workers (such as digital access). This is ultimately a choice for individual employers and pension schemes to make based on their own circumstances and considering employee/member needs.</p><p> </p><p>Further guidance from TPR is available to aid employers in fulfilling their AE obligations, including on providing information on AE and the right to opt-out (at section 5). This guidance is available here: <a href="https://www.thepensionsregulator.gov.uk/en/document-library/automatic-enrolment-detailed-guidance/resources-information-to-workers" target="_blank">Information to workers - automatic enrolment detailed guidance for employers | The Pensions Regulator</a></p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 30/05/2023 14:49:40 answering member 4780 label Biography information for Laura Trott
tabling member	4488 label Biography information for Martyn Day

1639352

registered interest
date	22/05/2023
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what steps his Department is taking to minimise the number of people (a) pausing or (b) reducing their employee contributions to workplace pensions.
tabling member constituency	Leicester South
tabling member printed	Jonathan Ashworth
uin	186108
answer	answer is ministerial correction date of answer 25/05/2023 answer text <p>We closely monitor workplace pension participation, and it has remained resilient during what have been unprecedented economic times. We regularly publish the <a href="https://www.gov.uk/government/statistics/workplace-pension-participation-and-savings-trends-2009-to-2021" target="_blank"><em>Workplace Pension Participation and Savings Trends</em></a> data on gov.uk which shows that the proportion of pension savers who actively cease saving each month remains below 1%.</p><p> </p><p>If an individual makes the decision to pause or cease contributions, the AE framework requires their employer to re-assess and re-enol their eligible employees every three years, which prevents individuals from falling out of pension saving in the medium to long term.</p><p> </p><p>If savers are considering reducing or ceasing pension contributions, then guidance is available before taking action, services such as MoneyHelper are available to provide support and guidance.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 25/05/2023 15:23:57 answering member 4780 label Biography information for Laura Trott
tabling member	4244 label Biography information for Jonathan Ashworth

1612586

registered interest
date	19/04/2023
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 His Majesty's Government what estimate they have made of the number of (1) men, and (2) women, who earn less than £12,570 in any one job, who are members of auto-enrolment workplace pension schemes which operate on a Net Pay basis.
tabling member printed	Baroness Altmann
uin	HL7260
answer	answer is ministerial correction date of answer 03/05/2023 answer text <p>DWP do not hold this data.</p><p> </p><p>A policy paper has been published showing the number of people who save into an occupational pension under net pay arrangements whose taxable pay is below the personal allowance is estimated to be 1.2 million in 2026-27. In 2023/24, the Personal Allowance is £12,570.</p><p> </p><p>Women are estimated to make up 75% of those earning below the personal allowance and contributing to a pension scheme that uses net pay arrangements. The 1.2 million can therefore be broken down into around 0.3 million men and 0.9 million women.</p><p> </p><p>Notes:</p><ul><li>These figures were produced for accrual in 2026-27 and the Personal Allowance at the time was not set to £12,570 in that tax year.</li><li>These figures look at total pay across jobs and less contributions to Net Pay Arrangements, so it is possible that someone with total earnings above the Personal Allowance is included because removing their Net Pay Arrangement contributions takes them below the Personal Allowance or someone earns less than the Personal Allowance in a single job but their pay across jobs takes them above the Personal Allowance.</li><li>These figures were produced for the Autumn Budget 2021 fiscal event using the 2018-19 SPI projected using Autumn Budget 2021 OBR determinants.</li><li>Further detail can be found at the source which is linked below.</li></ul><p> </p><p>Source: <a href="https://www.gov.uk/government/publications/low-earners-anomaly-pensions-relief-relating-to-net-pay-arrangements/pensions-relief-relating-to-net-pay-arrangements" target="_blank">Pensions relief relating to net pay arrangements - GOV.UK (www.gov.uk)</a></p> answering member printed Viscount Younger of Leckie question first answered 03/05/2023 11:38:17 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	4533 label Biography information for Baroness Altmann

1606060

registered interest
date	21/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Workplace Pensions
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will place in the Library a list of (a) public sector pension schemes and (b) other occupational pension schemes which are treated as a non-registered scheme by HM Revenue & Customs.
tabling member constituency	East Devon
tabling member printed	Simon Jupp
uin	170768
answer	answer is ministerial correction date of answer 29/03/2023 answer text <p>Under the Commissioners for Revenue and Customs Act 2005 (CRCA), HM Revenue and Customs (HMRC) has a statutory duty of confidentiality to protect the information it holds about taxpayers. As a result, it is not possible to confirm the tax status of individual schemes, but many schemes will have made public statements separate to this.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 29/03/2023 14:56:44 answering member 4874 label Biography information for Andrew Griffith
tabling member	4862 label Biography information for Simon Jupp

1601346

registered interest
date	06/03/2023
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what steps his Department is taking to enable auto-enrolment to pensions from 18 years of age.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	158963
answer	answer is ministerial correction date of answer 14/03/2023 answer text <p>The Government remains committed to enabling Automatic Enrolment (AE) into workplace pensions from age 18, consistent with our 2017 AE Review proposals. That is why we are supporting Jonathan Gullis’s Private Members’Bill, which had its second reading on Friday 3 March; this presents an immediate route for the necessary legislative powers in the current Parliamentary session. The Bill includes a statutory requirement to consult and report on the outcomes to inform the implementation approach and timing, before using these powers.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 14/03/2023 15:27:28 answering member 4780 label Biography information for Laura Trott
tabling member	4410 label Biography information for Julian Knight

1585188

registered interest
date	07/02/2023
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 His Majesty's Government what plans they have, if any, to automatically enrol workers who are (1) low paid, or (2) aged under 22, into a workplace pension scheme, given the increased cost of living.
tabling member printed	Lord Taylor of Warwick
uin	HL5528
answer	answer is ministerial correction date of answer 21/02/2023 answer text <p>The 2017 Review of Automatic Enrolment (AE) sets out our ambition to remove the Lower Earnings Limit so that pension contributions are payable from the first pound of earnings and reduce the qualifying age for AE to 18. This will help young people and lower earners, including many women, to build financial resilience through generating more meaningful retirement savings.</p><p>We remain committed to the implementation of the 2017 Review ambitions in the mid-2020s.</p><p>We have always been clear that changes to the AE framework would be made in a way and at a time that is affordable, balancing the needs of savers, employers and taxpayers.</p><p> </p> answering member printed Viscount Younger of Leckie question first answered 21/02/2023 11:51:06 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	1796 label Biography information for Lord Taylor of Warwick

1580824

registered interest
date	25/01/2023
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what steps his Department is taking to support (a) defined benefit and (b) defined contribution pension schemes to invest in illiquid assets.
tabling member constituency	Leicester South
tabling member printed	Jonathan Ashworth
uin	132376
answer	answer is ministerial correction date of answer 30/01/2023 answer text <p>DB schemes already can - and do - invest in illiquid assets. Illiquid investments make up around 10% of DB scheme assets.</p><p> </p><p>For DC schemes, regulatory changes planned for this spring will allow performance-based fees to be removed from the scope of the DC pension charge cap. This will make it easier for trustees to access a broader range of illiquid assets that could benefit savers. We confirmed our intention to introduce this reform in our response to the ‘broadening the investment opportunities of defined contribution schemes’ consultation published on 30 January, along with supporting statutory guidance to help trustees with their decision making regarding performance fees.</p><p> </p><p>Trustees in DB and DC have a fiduciary duty to make investments that are in the best interest of scheme members and need to ensure pension schemes have sufficient liquidity to pay pensions and other benefits under the scheme as they fall due.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 30/01/2023 16:53:00 answering member 4780 label Biography information for Laura Trott
tabling member	4244 label Biography information for Jonathan Ashworth