Pension Credit

Lord Empey Excerpts

Monday 8th March 2021 Lords Chamber

[Baroness Stedman-Scott (Con)]

I assure the noble Baroness that the Government are committed to action that helps to alleviate levels of pensioner poverty. I regret that I cannot confirm a backstop date, but I can confirm that we will meet Peers and that we will use all the tools available to us for innovation to try to help this group access pension credit.

[Lord Empey (UUP) [V]]

My Lords, this is not a new phenomenon. While the Question specifically refers to pension credit, we know that successive Governments have not been able to achieve adequate take-up of benefits generally. Will my noble friend suggest to her colleagues that a fundamental review of how benefits are rolled out needs to take place, because public policy is defeated if there is not adequate take-up? Secondly, will she tell the House whether her department takes into account non-take-up amounts in the budget, so that there is a regular build-in of non-take-up by her department?

[Baroness Stedman-Scott (Con)]

I will certainly take the suggestion of a review of benefits back to the department. I am afraid that I will have to write to the noble Lord about the issue of non-take-up as far as the budget is concerned.

Social Security Benefits Up-rating Order 2021

Lord Empey Excerpts

Wednesday 10th February 2021 Grand Committee

[Lord Empey (UUP) [V]]

My Lords, I want to comment on work-related benefits. I served on your Lordships’ Select Committee on Food, Poverty, Health and Environment. As we have seen in the past 12 months, one of the growing factors in front of us every day is more children being in poverty and unable to get proper food. UNICEF was even prepared to come into the United Kingdom for the first time. In these circumstances this year, while I fully support the principle that work must pay, I believe that there is an appetite in the community generally to tolerate a modest increase in tax and to target any revenue to eradicate what is a stain across our entire community.

Obviously, there are things I welcome in these instruments, but I must point out that we face the challenge of a whole generation losing out, and not only on school. At least two academic years have been disrupted and who is to say that there will not be a third? On top of that, we have the growth in food banks and people such as Marcus Rashford trying to target children’s needs in recent weeks. In the difficult economic circumstances that they face, I urge the Government to consider that there is, I believe, a preparedness in the community to tolerate a modest increase in tax, even for a couple of years in this Parliament, to ensure that that stain is removed from the United Kingdom.

Arcadia Pension Fund

Lord Empey Excerpts

Tuesday 8th December 2020 Lords Chamber

[Baroness Stedman-Scott (Con)]

My noble friend is not alone, as witnessed by the endorsement of his points on how pension schemes should invest their money. However, the accounting standards ensure that a standard, objective measure applies to pension liabilities on company balance sheets. This is very different to the role of trustees when deciding on an investment strategy. It is up to trustees to have an investment strategy that suits the specific nature of their schemes. While gilts and bonds have lower returns, they are much less volatile than equity and can be useful as part of a diverse investment portfolio.

[Lord Empey (UUP) [V]]

My noble friend will be aware that the high street has been under pressure for a long time. We also know that Philip Green has form when it comes to pensions. There will be great disquiet at the fact that this deficit has been allowed to build up. Can my noble friend give me a sense of the Government’s liabilities in this regard? What steps we are going to take to ensure that these funds are not again left in a vulnerable position, when we know well in advance that sectors are in severe difficulty?

[Baroness Stedman-Scott (Con)]

There is no government liability, as the Pension Protection Fund is funded by the assets taken into it from schemes, topped up by a levy on eligible schemes. The PPF plans for the long term and, as at 31 March 2020, it had a healthy reserve of more than £6 billion.