Oral Answers to Questions

Debate between Lord Harrington of Watford and Stephen Metcalfe

Monday 17th October 2016 Commons Chamber

[Stephen Metcalfe (South Basildon and East Thurrock) (Con)]

15. What steps the Government are taking to help protect the pensions of long-serving employees.

[The Parliamentary Under-Secretary of State for Pensions (Richard Harrington)]

We have a well-established regime of checks and balances in place, for example the Pension Protection Fund and the Pensions Regulator. The Government keep this framework for pensions under constant review, and amend it when evidence demonstrates that such change is needed.

[Stephen Metcalfe]

As I have stated previously, one of the welcome provisions in the Pensions Act 2014 was the raising of the Pension Protection Fund cap. Will my hon. Friend update the House on when that clause might be implemented, because two years on it has still not been put in place and pensioners in my constituency are suffering the consequences?

[Richard Harrington]

Let me first acknowledge the work that my hon. Friend has done to ensure that the long service cap was established. Pensions legislation is, as he knows, a very complex and technical area, and it is important that the secondary legislation for the cap operates as it was intended in all circumstances. This process can take time. However, I can assure him that this has been a priority for me from my first day in office. As I recently announced, I intend the long service cap for the PPF to come into force in April 2017.