State Pension Reform

Debate between Jeremy Lefroy and Steve Webb

Monday 14th January 2013 Commons Chamber

[Steve Webb]

I am grateful to my hon. Friend for his generous comments. Just as my right hon. Friend the Secretary of State is trying to make work pay through the universal credit, we want to make savings pay through the single-tier pension. I believe that if we can do both those things, we shall have done a good and important job.

[Jeremy Lefroy (Stafford) (Con)]

I welcome the statement. At present, British citizens who work overseas can build up a contribution record by making voluntary contributions. Will that continue under the future system?

[Steve Webb]

We do envisage that there will be a system of voluntary contributions. We will have to examine issues such as the price for a year of voluntary contributions, because obviously the pension is bigger, but we envisage that the idea that someone can fill gaps will still be a part of the system.

Oral Answers to Questions

Debate between Jeremy Lefroy and Steve Webb

Monday 24th October 2011 Commons Chamber

[Jeremy Lefroy (Stafford) (Con)]

10. What steps his Department is taking to support access to lending from credit unions.

[The Minister of State, Department for Work and Pensions (Steve Webb)]

Since 2006, the Department has spent more than £100 million through its growth fund to encourage credit unions. In addition, since March this year, a further £11.8 million has been invested. The Department is now conducting a study into how best we can support credit unions and will report shortly.

[Steve Webb]

I pay tribute to my hon. Friend for his involvement with the all-party group on credit unions and his commitment to the cause. Jobcentre Plus is keen to work closely with credit unions, and we are currently piloting a scheme in Manchester and Newcastle in which jobcentres share office space to see whether they can assist credit unions at a local level.

[Jeremy Lefroy]

I declare an interest as a member of the Staffordshire credit union. For more lending, we need more saving. What steps are the Government taking to encourage payroll saving in credit unions?

[Steve Webb]

The process of long-term saving through auto-enrolment in workplace pensions is imminent, but there has been a big growth in workplace coverage of occupational workplace individual savings accounts, which is an encouraging development. We are looking to see what more we can do to encourage that trend.