Private Pension Schemes: Regulation

Debate between Lord Beamish and Sharon Hodgson

Wednesday 21st June 2023 Commons Chamber

[Mr Jones]

It is a very underhand way. If people’s pensions are going to be changed by some trustees, they should at least fully inform people of the effects. In this case, some people based their decision, especially before 2011, on what lump sum they would take on what was going to go forward. I would be interested to know whether those retiring now and accessing this scheme are being told, “In most of your pension, you won’t get any increase in future.” The hon. Gentleman demonstrates another point: this affects people not just in the north-east of England, but across the country. Transparency and honesty with people about their pensions has to be achieved.

[Mrs Sharon Hodgson (Washington and Sunderland West) (Lab)]

I commend my right hon. Friend for all the work he has done on this issue and for bringing this debate tonight. He is talking about the number of people affected and saying that they are not just in my patch, in Sunderland, or even just in the north-east; they could be spread right across the country. Does he have any idea of the number of people who may be involved and affected by this?