Pensions: Draw-down Charges Debate
Full Debate: Read Full DebateLord Hughes of Woodside
Main Page: Lord Hughes of Woodside (Labour - Life peer)Department Debates - View all Lord Hughes of Woodside's debates with the Department for Work and Pensions
(9 years, 2 months ago)
Lords ChamberAs I said at the outset, this market is two months old and we are watching very closely to see how the charges develop. There is a range of different charges; some providers charge for drawing down and others do not, but we will be watching it very closely.
My Lords, when this policy was first made, to a great fanfare of trumpets, the Government were warned of the difficulties that would arise unless they took control of the matter. What the Minister is really saying is that no planning was done whatever and no thought whatever was given to how this matter would develop. Is he aware that, the way things are going, this will make the PPI scandal look like a children’s tea party?