Private Pension Schemes: Regulation

Debate between Laura Trott and Ben Everitt

Wednesday 21st June 2023 Commons Chamber

[Laura Trott]

I will come to that in a moment. If the hon. Lady thinks I have not answered her question properly, then she is very welcome to intervene again.

As I was saying, the Money and Pensions Service is an independent, non-departmental public body, which provides a free information and guidance service to the public on all matters related to workplace and personal pension schemes. In this case, I understand that in determining one case—not the individual case of Mr Steve Clare, but a case relating to identical issues in the Nissan pension plan—the ombudsman noted that the plan members were presented with an illustration of future benefits and options in retirement. However, if that was not the case—and certainly from the speech of the right hon. Member for North Durham that is not what appears to have happened—I ask him to provide me with all the details that he has and I will raise it directly with the ombudsman myself and provide a copy of the response.

[Ben Everitt]

That is exactly the case, certainly for one of the two constituents I have been contacted by. Further to that, the word they use in their correspondence to me is that they were “encouraged” to take out a lump sum. To me, that goes beyond giving information and crosses over potentially into giving advice. Given that that advice was not in their best interest, because it has affected their pension so disastrously—to the tune of more than £100,000—is there a case for looking at the regulatory side, rather than the ombudsman, in relation to the advice that has been given?