Oral Answers to Questions

Ian Blackford Excerpts

Monday 22nd June 2015 Commons Chamber

[Justin Tomlinson]

I am encouraged by the fact that 91% of people who have already been auto-enrolled have continued to save, which is a welcome step and above initial expectations. We will continue to work with the Treasury, the Financial Conduct Authority and the Pensions Regulator to ensure that flexibilities, information and charges are all delivering for the consumer.

[Ian Blackford (Ross, Skye and Lochaber) (SNP)]

When it comes to the reforms that the Government are putting through, particularly on pension freedoms, we are mindful of the attractions of consumer choice but also of all the mis-selling scandals of the past. What assurances can the Minister give that all defined-contribution plan holders will get appropriate advice and that consumers will be adequately protected? It is not clear to us that the appropriate measures are in place.

[Justin Tomlinson]

As I said in response to the previous question, we will work with the Treasury, the FCA and the Pensions Regulator to monitor that closely. We have also brought in a 0.75% cap on charges, which in time will allow an extra £200 million to remain in pension savings.