Oral Answers to Questions

Debate between Iain Duncan Smith and Stephen Metcalfe

Monday 14th March 2016 Commons Chamber

[Stephen Metcalfe (South Basildon and East Thurrock) (Con)]

One of the welcome provisions of the Pensions Act 2014 was the lifting of the Pension Protection Fund cap; yet, nearly two years on, this clause is still to be implemented. Will the Secretary of State agree to meet me and a cross-party delegation to discuss how we might move the issue forward and bring security in retirement to those who have found their pensions seriously curtailed through no fault of their own?

[Mr Duncan Smith]

I am very happy to meet my hon. Friend and any others he wants to bring with him. This Government have a proud record on reforming pensions. The single tier will mean that pension incomes improve dramatically, particularly for those who have broken care. We also have auto-enrolment, which is massively increasing savings among those who have never saved before. Finally, the freedom to take an annuity or not, as and when a pension comes due, is enormous. I am very happy to make sure that reform programme continues, and I will happily meet my hon. Friend.

Oral Answers to Questions

Debate between Iain Duncan Smith and Stephen Metcalfe

Monday 7th September 2015 Commons Chamber

[Stephen Metcalfe (South Basildon and East Thurrock) (Con)]

15. What estimate he has made of the number of people who have been in full-time employment in the last 12 months.

[The Secretary of State for Work and Pensions (Mr Iain Duncan Smith)]

Full-time employment has risen by more than 350,000 over the last year, accounting for 99% of the rise in total employment. The number of people in full-time work is at a record high, and is up over 1.5 million since 2010.

[Stephen Metcalfe]

I am sure the whole House welcomes this Government’s success in creating more full-time jobs. I hope it will also welcome the fact that wages are now rising by 2.8%, on average, which shows that not only are more people in work, but they are being rewarded better than ever.

[Mr Duncan Smith]

My hon. Friend is right: nearly 2 million more people take home a pay packet that is increasing, up 2.8% on the year, and for the last nine consecutive months, the increase in pay has outstripped inflation. Even better, my right hon. Friend the Chancellor has announced a huge rise in take-home pay through the national living wage, and we should all welcome that.