Asked by: Christian Wakeford (Labour - Bury South)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, when the impartial pensions guidance rules covered by Clauses 18 and 19 of the Financial Guidance and Claims Act 2018 are planned to be introduced.
Answered by Guy Opperman - Parliamentary Under-Secretary (Department for Transport)
We will be publishing a statement of policy intent shortly which will set out how we plan to implement the stronger nudge (Section 19 of the Financial Guidance and Claims Act) for occupational pensions.
Following this, we will consult on draft Regulations which will come into force at the earliest opportunity.
We are working closely with the FCA who will consult on rules for personal and stakeholder pensions, which will also come into force at the earliest opportunity
Asked by: Christian Wakeford (Labour - Bury South)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, with reference to clauses 18 and 19 of the Financial Guidance and Claims Act 2018, what take-up targets are being set for Pension Wise guidance usage when non-advised savers access defined contribution pension benefits, in the context of the findings of the Money and Pension Service’s stronger nudge trials.
Answered by Guy Opperman - Parliamentary Under-Secretary (Department for Transport)
We want to increase awareness of Pension Wise guidance, present taking guidance as a natural part of the customer journey, and make it easier to book an appointment. Based on the results of the stronger nudge trials, we would expect that implementation of the nudge would lead to an increase in the take up of Pension Wise guidance.
We do not intend to set a target for the number of Pension Wise guidance sessions, or the number of members accessing pension savings in a given period who receive Pension Wise guidance. We will continue to monitor the use of advice and guidance when accessing pension savings, and take further action to encourage their use if appropriate.
This is part of a number of measures aimed at increasing awareness of Pension Wise, which includes advertising campaigns and engagement with employers both nationally and locally.
Asked by: Christian Wakeford (Labour - Bury South)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, what guidance her Department has issued to (a) sole traders, (b) freelancers and (c) small business holders on changes to employment support allowance; and if she will make a statement.
Answered by Justin Tomlinson - Minister of State (Department for Energy Security and Net Zero)
There are no recent changes to Employment and Support Allowance (ESA) that affect sole traders, freelancers and small business holders.
A self-employed person can make a new claim for New Style ESA. In order to qualify they will need to satisfy the basic entitlement and National Insurance contribution conditions.
Asked by: Christian Wakeford (Labour - Bury South)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, what assessment she has made of the effect on (a) sole traders, (b) freelancers and (c) small business holders of the recent changes to employment support allowance.
Answered by Justin Tomlinson - Minister of State (Department for Energy Security and Net Zero)
There are no recent changes to Employment and Support Allowance (ESA) that affect sole traders, freelancers and small business holders.
A self-employed person can make a new claim for New Style ESA. In order to qualify they will need to satisfy the basic entitlement and National Insurance contribution conditions.