Oral Answers to Questions

Kelvin Hopkins Excerpts

Monday 9th October 2017 Commons Chamber

[Mr Gauke]

Let us be clear: no one needs to go six weeks without financial support when there is a system of advances in place. I make the point to all right hon. and hon. Members that if they are aware of constituents who have not received an advance, they can make it clear to them. Let us be realistic: the fact is that we are now moving towards a welfare system that does not put in place barriers to work and does enable people to make progress. It is no good Labour Members saying they are in favour of the principles, but then trying to obstruct the delivery of a reform that will give 250,000 more people a job.

[Kelvin Hopkins (Luton North) (Lab)]

2. What recent discussions he has had with the Chancellor of the Exchequer on the level of fees and charges applied to investments and pension schemes by asset managers.

[The Parliamentary Under-Secretary of State for Work and Pensions (Guy Opperman)]

The Secretary of State has regular discussions with the Chancellor on a range of issues. The Department has had specific discussions with both the Treasury and the Financial Conduct Authority on the FCA’s proposed remedies in this area, and our plans to ensure that details of these costs and charges are published and given to pension scheme members.

[Kelvin Hopkins]

Is not the reality that for millions of ordinary people the only way to guarantee a sufficient income in retirement is a good state pension together with a state earnings-related pension scheme for all, with defined contributions and defined benefits?

[Guy Opperman]

I am grateful to the hon. Gentleman for his question. He will be aware that auto-enrolment has reversed the decline in work-based pension saving, with 8.5 million people signed up and further progress to be made. The reality is that, by reason of the coalition and this Government, we have a new state pension that is worth £1,250 more than in 2010.