Information since 18 Oct 2024, 8:58 p.m.
Parliamentary Debates |
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Support for Pensioners
71 speeches (14,135 words) Wednesday 12th February 2025 - Westminster Hall Department for Work and Pensions Mentions: 1: Torsten Bell (Lab - Swansea West) landscape, so that it drives up both economic growth and returns to savers, via the upcoming pension schemes Bill - Link to Speech |
Pension Fund Reliefs
23 speeches (1,612 words) Tuesday 4th February 2025 - Lords Chamber HM Treasury Mentions: 1: Lord Livermore (Lab - Life peer) The full report will be published in the spring ahead of legislation being introduced in the pension schemes Bill - Link to Speech |
Oral Answers to Questions
166 speeches (10,127 words) Monday 3rd February 2025 - Commons Chamber Department for Work and Pensions Mentions: 1: Torsten Bell (Lab - Swansea West) basis the Pensions Regulator has authorised one such fund, but we will take measures in the pension schemes Bill - Link to Speech |
Women’s State Pension Age Communication: PHSO Report
95 speeches (10,827 words) Tuesday 17th December 2024 - Commons Chamber Department for Work and Pensions Mentions: 1: Liz Kendall (Lab - Leicester West) The pension schemes Bill will do precisely that. - Link to Speech |
Oral Answers to Questions
161 speeches (9,488 words) Monday 16th December 2024 - Commons Chamber Department for Work and Pensions Mentions: 1: Emma Reynolds (Lab - Wycombe) In the pension schemes Bill, which we will introduce next year, low earners with multiple small pots - Link to Speech |
Financial Services: Mansion House Speech
47 speeches (7,190 words) Monday 18th November 2024 - Commons Chamber HM Treasury Mentions: 1: Tulip Siddiq (Lab - Hampstead and Highgate) The Government’s reforms are already in the pension schemes Bill, and they could boost a typical defined - Link to Speech |
Pensions Regulator Defined Benefit Funding Code of Practice 2024
14 speeches (7,423 words) Monday 21st October 2024 - Grand Committee Department for Work and Pensions Mentions: 1: None by the noble Lord, Lord Davies, the King’s Speech stated the intention to bring forward a pension schemes Bill - Link to Speech |
Select Committee Documents |
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Wednesday 12th February 2025
Written Evidence - techUK IGR0066 - Innovation, growth and the regions Innovation, growth and the regions - Science, Innovation and Technology Committee Found: The UK can learn from this, and the recent Pension Schemes Bill mark steps in the right direction. 4.9 |
Wednesday 5th February 2025
Written Evidence - Department for Work & Pensions PPCM0048 - Pensioner Poverty: challenges and mitigations Pensioner poverty – challenges and mitigations - Work and Pensions Committee Found: Pension Schemes Bill 22. |
Thursday 7th November 2024
Written Evidence - techUK ACT0017 - Scaling up - AI and creative tech Scaling up - AI and creative tech - Communications and Digital Committee Found: Recent action from the Government through the recent Pension Schemes Bill mark steps in the right direction |
Written Answers |
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Workplace Pensions: Investment
Asked by: Pippa Heylings (Liberal Democrat - South Cambridgeshire) Thursday 6th March 2025 Question to the HM Treasury: To ask the Chancellor of the Exchequer, with reference to paragraph 3.11 of the Autumn Budget 2024, published on 30 October 2024, what assessment she has made of the potential impact of investments by occupational pension schemes on the (a) place, (b) people and (c) net zero pillars of the growth mission. Answered by Torsten Bell - Parliamentary Secretary (HM Treasury) The Government published the Interim Report of the Pensions Investment Review at Mansion House, which sets out proposals to reform the UK Pensions system. These reforms could unlock up to £80 billion in new productive investment including in businesses and infrastructure. Amongst other things this would help improve returns for savers and support the net-zero transition.
The proposed reforms to the defined contribution workplace pension market will accelerate consolidation, creating fewer, larger schemes. This will allow schemes to deliver better value, governance, and investment opportunities, through larger ‘mega-funds’ more able to undertake productive investment.
The Review also proposes reforms to the Local Government Pension Scheme (England and Wales) to tackle fragmentation and inefficiency. The LGPS manages £392 billion worth of assets, and the Interim Report proposes to require all 86 administering authorities to delegate investment management to pools. This will create large pools of professionally managed capital, in line with international best practice, and enhance the capacity and capability of the scheme to continue to drive national, regional and local investment.
The final Pensions Investment Review report, including the final proposals to be legislated for, will be published in the Spring ahead of the introduction of the Pension Schemes Bill.
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Pensions
Asked by: James McMurdock (Reform UK - South Basildon and East Thurrock) Thursday 6th February 2025 Question to the Department for Work and Pensions: To ask the Secretary of State for Work and Pensions, what steps she is taking to help ensure that workers contribute sufficiently into their pensions to achieve an adequate standard of living in retirement. Answered by Torsten Bell - Parliamentary Secretary (HM Treasury) Ensuring current and future pensioners have an adequate retirement income is a key priority for this Government and a focus of our landmark pensions review. Automatic enrolment has already succeeded in transforming retirement saving with over 11 million employees having been automatically enrolled into a workplace pension since 2012. Over 22m employees in Great Britain are benefiting from participating in a workplace pension, with over £131bn saved for eligible individuals in 2023. The first phase of our pensions review – focused on investment and growth – published its interim report in November 2024. Two consultations on unlocking the UK pensions market for growth and reforming the Local Government Pension Scheme closed in January and we expect to provide our response in Spring 2025. The second phase of our review will follow in due course – focussing on pension outcomes and retirement adequacy. Alongside this, the Pension Schemes Bill, announced in the King’s Speech includes measures which could boost pension pots by over £11, 000 for average earners saving over their lifetime in a defined contribution scheme. |
Pensions
Asked by: James McMurdock (Reform UK - South Basildon and East Thurrock) Thursday 6th February 2025 Question to the Department for Work and Pensions: To ask the Secretary of State for Work and Pensions, what plans she has to help raise awareness of the risks of under-saving in pensions for retirement. Answered by Torsten Bell - Parliamentary Secretary (HM Treasury) Ensuring current and future pensioners have an adequate retirement income is a key priority for this Government and a focus of our landmark pensions review. Automatic enrolment has already succeeded in transforming retirement saving with over 11 million employees having been automatically enrolled into a workplace pension since 2012. Over 22m employees in Great Britain are benefiting from participating in a workplace pension, with over £131bn saved for eligible individuals in 2023. The first phase of our pensions review – focused on investment and growth – published its interim report in November 2024. Two consultations on unlocking the UK pensions market for growth and reforming the Local Government Pension Scheme closed in January and we expect to provide our response in Spring 2025. The second phase of our review will follow in due course – focussing on pension outcomes and retirement adequacy. Alongside this, the Pension Schemes Bill, announced in the King’s Speech includes measures which could boost pension pots by over £11, 000 for average earners saving over their lifetime in a defined contribution scheme. |
Pension Funds: Investment
Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry) Thursday 12th December 2024 Question to the HM Treasury: To ask the Chancellor of the Exchequer, what plans she has to help increase investment in the UK by UK-based pension funds. Answered by Tulip Siddiq The Government published the Interim Report of its Pensions Investment Review at the Mansion House event on 14 November. This Report puts forward ambitious proposals to reform the UK pension system which could unlock around £80 billion of productive investment while boosting savers’ pension pots.
The consultations on the proposed measures will close on 16 January. The review will use its next stage to consider whether further interventions may be needed by the government to ensure that these reforms are benefiting UK growth. The final Pensions Investment Review report, including the final proposals to be legislated for, will be published in the Spring ahead of the introduction of the Pension Schemes Bill. |
Parliamentary Research |
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Pension scheme investments - CBP-10146
Nov. 18 2024 Found: It is to report later this year, ahead of the introduction of the Pension Schemes Bill announced in |
Bill Documents |
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Jan. 28 2025
Written evidence submitted by the Association of British Insurers (ABI) (FB04) Finance Bill 2024-26 Written evidence Found: Any future pensions policy, including the Review and the Pension Schemes Bill, should put savers first |
Oct. 24 2024
Data (Use and Access) Bill Impact Assessment from the Department for Science, Innovation and Technology Data (Use and Access) Bill [HL] 2024-26 Impact Assessments Found: crucial for seamless communication a mong different systems. 191 DWP (October 2019): “Pension Schemes Bill |
Department Publications - Consultations |
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Thursday 14th November 2024
Department for Work and Pensions Source Page: Pensions Investment Review: Unlocking the UK pensions market for growth Document: (PDF) Found: We have announced a new Pension Schemes Bill , which will include measures to improve saver outcomes |
Department Publications - News and Communications |
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Thursday 14th November 2024
HM Treasury Source Page: Chancellor fires up financial services sector to drive growth Document: Chancellor fires up financial services sector to drive growth (webpage) Found: Two consultations will be published ahead of the Pension Schemes Bill in the Spring to merge defined |
Wednesday 13th November 2024
HM Treasury Source Page: Pension megafunds could unlock £80 billion of investment as Chancellor takes radical action to drive economic growth Document: Pension megafunds could unlock £80 billion of investment as Chancellor takes radical action to drive economic growth (webpage) Found: The radical reforms, which will be introduced through a new Pension Schemes Bill next year, will create |
Department Publications - Policy and Engagement |
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Thursday 24th October 2024
Department for Business and Trade Source Page: Data (Use and Access) Bill: supporting documents Document: (PDF) Found: crucial for seamless communication a mong different systems. 191 DWP (October 2019): “Pension Schemes Bill |