Oral Answers to Questions

Debate between Jack Dromey and Thérèse Coffey

Monday 27th January 2020 Commons Chamber

[Dr Coffey]

My right hon. Friend the Secretary of State for Business, Energy and Industrial Strategy leads on this issue. I assure my hon. Friend that we encourage people to take up the options and we support their efforts. We will continue to do more with our work coaches on helping people to get the most out of working.

[Jack Dromey (Birmingham, Erdington) (Lab)]

The Government have said that the aim of the Pension Schemes Bill is to support pension saving, putting the protection of people’s pensions at its heart. However, this weekend, we learned that the Financial Conduct Authority is preparing to write to just over three quarters of firms that advised individuals on pensions between 2015 and 2018 about “potential harm” in their defined benefit transfer advice. How can the Government claim to have a joined-up pension policy when pension freedoms can be exploited, giving licence to rogue financial advisers to put at risk people’s savings for retirement? Some have paid a terrible price, impoverishing them for years to come.