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Written Question
Pension Funds: Investment Trusts
Monday 16th June 2025

Asked by: Baroness Altmann (Non-affiliated - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the use of listed closed-ended investment companies by pension funds as a means for smaller schemes to invest in illiquid alternative assets such as energy, housing, infrastructure and small businesses.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Final Report of the Pensions Investment Review sets out a vision for the defined contribution workplace market and the Local Government Pension Scheme with fewer, larger schemes that will use the benefits of scale to invest in productive assets and enhance outcomes for savers, as well as better support the economy as a whole.

Last month, 17 of the largest workplace pension providers signed the Mansion House Accord and voluntarily committed to invest at least 10 per cent of their defined contribution default funds in private markets by 2030, with half of that invested in UK private assets.

Collectively these 17 schemes manage around 90% of active pension savers’ savings. This is expected to unlock £50bn of additional private market investment by 2030. As providers work towards meeting these commitments, they will be investing more in private, illiquid assets.

Additionally, we are introducing minimum standards for Local Government Pension Scheme asset pools, embedding local investment as a priority and strengthening scheme governance to ensure it is fit for the future.


Written Question
Investment Trusts: Disclosure of Information
Monday 16th June 2025

Asked by: Baroness Altmann (Non-affiliated - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the adequacy of information provided by retail investment platforms to investors in UK-listed closed-ended investment companies, and specifically that relating to whether charges are deducted directly from shareholders or are expenses paid by the company.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

In 2024, the Government legislated to enable the Financial Conduct Authority (FCA) to reform the UK’s retail disclosure regime to ensure consumers have access to the most useful information – including on risks, costs and performance – to support their investment decisions.
The FCA continue to engage with industry and will publish their final rules later this year.


Written Question
Workplace Pensions: Tax Allowances
Friday 14th February 2025

Asked by: Baroness Altmann (Non-affiliated - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what plans they have to ensure that low-paid workers in net pay workplace pension schemes can receive the same level of tax relief as they would if their employer used a relief at source scheme; and, if so, when they intend to implement them.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

Non-taxpayers who save in relief at source pension arrangements are better off than those using net pay schemes. Legislation introduced in 2023 requires HMRC to make a top-up payment to affected individuals.

The government remains committed to this policy which will see approximately one million individuals in net pay schemes offered an annual payment of around £70. This means that individuals should receive similar outcomes regardless of whether they are members of a relief at source or a net pay pension scheme.

HMRC are developing the IT solution to identify eligible individuals and make these payments. Top-up payments will be made for tax-year 2024-25 and subsequent years. The first payment for 2024-25 will be offered to eligible individuals in 2026.


Written Question
Financial Services: Software
Tuesday 11th February 2025

Asked by: Baroness Altmann (Non-affiliated - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of whether the Financial Conduct Authority and other regulators have sufficient powers to intervene when retail investment platforms fail to inform their customers clearly, fully and in a timely manner (1) about the direct charges they pay for the investments they purchase on the platforms, (2) that they can exercise their rights to vote at the meetings of companies in which they hold shares, and (3) about the reasons for de-platforming listed, regulated investments that they may wish to purchase.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government wants to see more consumers benefit from the long-term financial security and returns that investing can provide and recognises that platforms will be crucial to achieving this objective.

Retail investment platforms are regulated by the Financial Conduct Authority (FCA), which has the necessary powers to intervene should they find retail investment platforms to be in breach of their regulatory obligations.

The Government legislated to enable the FCA to reform the UK’s retail disclosure regime to ensure consumers have access to the most useful information – including on risks, costs and performance – to support their investment decisions. The FCA consultation is currently open for views.

The issue of shareholder rights, including where shares are held by an intermediary, is being considered by the Digitisation Taskforce. The government is fully committed to ensuring the UK’s shareholding framework is fit for purpose and looks forward to receiving the taskforce’s final report.


Written Question
Workplace Pensions
Thursday 1st August 2024

Asked by: Baroness Altmann (Non-affiliated - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to ensure that low earners in Net Pay pension schemes do not suffer lower take home pay as a result of their employer’s scheme choice.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

Legislation introduced in 2023 requires HMRC to make a top-up payment to those individuals contributing to a pension scheme using a net pay arrangement, whose total taxable income is below their personal allowance.

This means that low earning pension savers should receive similar outcomes regardless of whether they are members of a relief at source pension scheme or a net pay pension scheme.

HMRC are developing the IT solution to make these payments, in line with legislation, as soon as practicable in the tax year after the pension contributions were made. The first payments will be made in tax-year 2025-26 in respect of contributions made during 2024-25.


Written Question
Investment Trusts
Thursday 1st August 2024

Asked by: Baroness Altmann (Non-affiliated - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what analysis they have carried out of the impact of inaccurate reporting required by the Financial Conduct Authority of listed investment company management expenses and the impact this has had on investors, renewable energy projects, infrastructure, real estate and UK financial markets.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The investment company sector plays a key role in the UK’s economy, representing over 30% of the FTSE 250, and investing in illiquid assets – including infrastructure projects and renewables – to support the Government’s growth agenda.

The Government will carefully consider all options regarding cost disclosure to retail investors.


Written Question
National Insurance
Friday 22nd September 2023

Asked by: Baroness Altmann (Non-affiliated - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what proportion of people aged 55 to 66 have a National Insurance record of more than 35 years.

Answered by Baroness Penn

Information in the form requested is not readily available and could only be obtained/compiled/collated at disproportionate cost.


Written Question
National Insurance
Friday 22nd September 2023

Asked by: Baroness Altmann (Non-affiliated - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what proportion of people aged 55 to 66 have a National Insurance record of more than 40 years.

Answered by Baroness Penn

Information in the form requested is not readily available and could only be obtained/compiled/collated at disproportionate cost.


Written Question
Pensions: Tax Allowances
Friday 7th July 2023

Asked by: Baroness Altmann (Non-affiliated - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government how much (1) gross tax relief, and (2) National Insurance relief, was given to (a) Defined Benefit or hybrid pension scheme employers, (b) Defined Benefit or hybrid pension scheme members, (c) Defined Contribution workplace scheme employers, (d) Defined Contribution pension scheme auto-enrolment members, and (e) other Defined Contribution pension scheme members, in each of the past three years.

Answered by Baroness Penn

Estimates of the cost of Income Tax and National Insurance Contribution relief on total pension contributions made in 2020 to 2021 can be found in Tables 1 and 2 below. Figures are provided in millions and rounded to the nearest hundred million pounds. Hybrid defined contribution and defined benefit schemes are counted as defined benefit schemes for the purpose of this analysis.

HMRC do not publish estimates of total pension contributions.

Table 1: Income Tax relief on pension contributions in 2020 to 2021 by type of contribution, £million

Income Tax relief in 2020 to 2021 [provisional] on:

Defined benefit scheme

Defined contribution scheme

Individual contributions to net pay arrangements

3,600

900

Individual contributions to relief at source schemes

0

4,900

Salary sacrificed contributions

1,100

3,600

Employer contributions to net pay arrangements

16,800*

4,100

Employer contributions to relief at source schemes

0

5,900*

Table 2: National Insurance Contribution (NIC) relief on pension contributions in 2020 to 2021 by type of contribution, £million

NIC relief in 2020 to 2021 [provisional] on:

Defined benefit scheme

Defined contribution scheme

Class 1 Primary (employee) NIC relief on employer contributions to net pay arrangements

4,900*

1,000

Class 1 Primary (employee) NIC relief on employer contributions to relief at source schemes

0

1,500*

Class 1 Primary (employee) NIC relief on salary sacrificed contributions

300

800

Class 1 Secondary (employer) NIC relief on employer contributions to net pay arrangements

8,200*

1,800

Class 1 Secondary (employer) NIC relief on employer contributions to relief at source schemes

0

2,700*

Class 1 Secondary (employer) NIC relief on salary sacrificed contributions

500

1,500

*These figures contain forecasts rather than being entirely based on outturn data sources.

Please note that the figures provided are estimates only.


Written Question
Pensions
Friday 7th July 2023

Asked by: Baroness Altmann (Non-affiliated - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what were the total pension contributions to (1) Defined Benefit or hybrid schemes, (2) Defined Contribution auto-enrolment workplace schemes, and (3) other pension schemes, in each of the past three years.

Answered by Baroness Penn

Estimates of the cost of Income Tax and National Insurance Contribution relief on total pension contributions made in 2020 to 2021 can be found in Tables 1 and 2 below. Figures are provided in millions and rounded to the nearest hundred million pounds. Hybrid defined contribution and defined benefit schemes are counted as defined benefit schemes for the purpose of this analysis.

HMRC do not publish estimates of total pension contributions.

Table 1: Income Tax relief on pension contributions in 2020 to 2021 by type of contribution, £million

Income Tax relief in 2020 to 2021 [provisional] on:

Defined benefit scheme

Defined contribution scheme

Individual contributions to net pay arrangements

3,600

900

Individual contributions to relief at source schemes

0

4,900

Salary sacrificed contributions

1,100

3,600

Employer contributions to net pay arrangements

16,800*

4,100

Employer contributions to relief at source schemes

0

5,900*

Table 2: National Insurance Contribution (NIC) relief on pension contributions in 2020 to 2021 by type of contribution, £million

NIC relief in 2020 to 2021 [provisional] on:

Defined benefit scheme

Defined contribution scheme

Class 1 Primary (employee) NIC relief on employer contributions to net pay arrangements

4,900*

1,000

Class 1 Primary (employee) NIC relief on employer contributions to relief at source schemes

0

1,500*

Class 1 Primary (employee) NIC relief on salary sacrificed contributions

300

800

Class 1 Secondary (employer) NIC relief on employer contributions to net pay arrangements

8,200*

1,800

Class 1 Secondary (employer) NIC relief on employer contributions to relief at source schemes

0

2,700*

Class 1 Secondary (employer) NIC relief on salary sacrificed contributions

500

1,500

*These figures contain forecasts rather than being entirely based on outturn data sources.

Please note that the figures provided are estimates only.