Oral Answers to Questions Debate
Full Debate: Read Full DebateDepartment: Department for Work and Pensions
Gregg McClymont
Main Page: Gregg McClymont (Labour - Cumbernauld, Kilsyth and Kirkintilloch East)Department Debates - View all Gregg McClymont's debates with the Department for Work and Pensions
(12 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Gregg McClymont (Cumbernauld, Kilsyth and Kirkintilloch East) (Lab)
The UK is in the grip of a private pensions crisis, with 60% of private sector employees saving nothing for their retirement. In the light of that fact and in the light of the emergence of new competitors in the auto-enrolment market, will the Minister consider ending the statutory restrictions on the national employment savings trust scheme so as to better serve the auto-enrolment market?
Steve Webb
The hon. Gentleman raises an important issue. The Labour Government introduced the constraints on NEST—and for a good reason, as it ensured that NEST focused on its target market. The situation has moved on and competitive developments in the market have emerged that were not necessarily foreseen. We are reflecting on the role of those constraints and I look forward to discussing the issue further with the Select Committee on Wednesday.