Oral Answers to Questions

Fiona Mactaggart Excerpts

Monday 7th September 2015 Commons Chamber

[Mr Vara]

May I gently remind the hon. Gentleman that the original increase in ages was started under a Labour Government? We have relaunched the campaign to ensure that the target group of people—those who are within 10 years of retirement from April 2016—take an active role in trying to find out how they will benefit under the new state pension.

[Fiona Mactaggart (Slough) (Lab)]

The Minister will be aware that the Association of British Insurers published figures this summer about the new pension freedoms which show that people with big pots are buying income drawdown and that people with small pots are cashing out. He knows that women live longer than men and that they have smaller pots than men, so what is he doing to ensure that women’s income in retirement is properly protected?

[Mr Vara]

Let me be absolutely clear: this Government will not dictate what anybody should do with their pension pots. What we have put in place is the means by which people—both men and women—can seek advice. As I mentioned earlier, there is the Money Advice Service, which has on its books more than 2,250 firms across the country that can give advice. It is for people to take that advice and then to decide. We will not dictate how people should deal with their money.