National Savings & Investments

Debate between Nick Smith and Torsten Bell

Thursday 26th March 2026 Commons Chamber

[Torsten Bell]

I welcome the tone of the shadow Minister’s remarks. I obviously absolutely agree with him that customers deserve better and they deserve reassurance. I have tried to provide that today by setting out what we are doing, and giving everybody reassurance that their savings are 100% safe and are guaranteed by the Government.

The hon. Member asks why we have come to the House today. This has been the intention for some time. As he says, we were notified in December. During that period, we have reviewed the over 34 million cases of customer records, as I mentioned, and have put in place the process to ensure that we have fixed this problem as we go forward, so that we can provide the reassurance for customers that I know we both want. I have also put in place the change of leadership that I have set out today, about which the hon. Member asked. I can confirm that the former chief executive of NS&I has resigned today and that he did not receive a bonus last year.

The hon. Member asked about the cost to taxpayers. There has been some deeply misleading reporting over the course of the last 24 hours, so I want to be absolutely clear: the money we are talking about returning to estates belongs to those estates—it is their money. The returning of people’s money to them is not a liability to other taxpayers; it is the right thing to do, and that is what is going to take place.

The hon. Member asks whether it would have been reasonable to have expected the previous Government to act. I am sure that he would rightly note that NS&I is operationally independent; I think the challenge comes given that it became clear in around 2018 that there were significant problems in this area—I mentioned the Santander case in particular—and there was widespread coverage at that time; within NS&I, people realised that this could pose problems for them.

The hon. Member has taken an excellent tone today. I was less impressed to read the comments of the shadow Chancellor, the right hon. Member for Central Devon (Sir Mel Stride), in the Telegraph, in which he talked about a “staggering failure of oversight”—he was the Treasury Minister in 2018 when the Santander case came forward! As often, the hon. Member for Wyre Forest (Mark Garnier) has shown better judgment than his superiors. Then again, the right hon. Member for Newark (Robert Jenrick) has also talked about

“incompetence on a staggering scale”,

which is an irony given that he, too, was a Minister in the Government carrying out the incompetence to which he refers.

I broadly welcome the way in which the hon. Member for Wyre Forest has conducted himself today. It is absolutely right that we provide the reassurance to taxpayers and, most importantly, to savers with NS&I; I hope that I have done so today.

[Nick Smith (Blaenau Gwent and Rhymney) (Lab)]

I thank the Minister for his statement. I am glad to see that he is stepping in, and I am pleased to hear that National Savings & Investments will focus on reuniting bereaved families with their money, which it holds after things went badly wrong. How will he and the Government raise awareness with savers of the fact that they do not need to use claims management companies and that they can rely on NS&I putting things right?

[Torsten Bell]

As always, I thank my hon. Friend for his important question. He is absolutely right—the priority for us is to ensure that people are reunited with their money and that they do not incur costs in trying to get it back. That is why I have been so clear with NS&I over the past few months that it makes sure that it understands the problem it is dealing with and that it needs to set out a delivery plan as soon as May for how it will reunite people with their money. That will involve contacting representatives of estates in the first instance, and that is what people need to rely on. As I said, I want to be clear with the public today that the onus is not on them; the onus is on NS&I to contact the people whose funds deserve to be reunited with them, and that is what we will all be focused on.

Oral Answers to Questions

Debate between Nick Smith and Torsten Bell

Tuesday 10th March 2026 Commons Chamber

[The Parliamentary Secretary to the Treasury (Torsten Bell)]

Payments of both the basic pension and the new state pension will increase by 4.8% in April, in just a few weeks’ time, boosting pensioners’ incomes by up to £575 a year. The yearly amount of the full new state pension is projected to rise by about £2,100 over the current Parliament, reflecting this Government’s commitment to the triple lock for its duration.

[Nick Smith]

That is great news. Our pensioners deserve the best support, and will be glad of the extra income. I will shortly be organising events in my constituency promoting pension credit take-up. Some of my pensioner constituents, however, have lost money to the Safe Hands funeral scheme when trying to prepare for the worst of times. Will the Minister please meet me to discuss their case?

[Torsten Bell]

I am glad to hear that my hon. Friend is organising events to drive pension credit take-up, as he did last year. I know that Members on both sides of the House will be doing that throughout the year.

On my hon. Friend’s question about the failure of Safe Hands, he is a powerful advocate for his constituents. He will know that the Serious Fraud Office has recently announced that two individuals have been charged in relation to the case, and there are live criminal proceedings ongoing, but I know that my hon. and learned Friend the Economic Secretary, who is responsible for this matter, is always happy to meet him.

Oral Answers to Questions

Debate between Nick Smith and Torsten Bell

Tuesday 9th December 2025 Commons Chamber

[Torsten Bell]

We have all watched the hon. Member voting with his feet by leaving the bunch of crazies that he was with before. Let us get back to what this Government are doing to drive growth: we are increasing public investment by £120 billion over this Parliament and making sure that things get built. We are building housing and giving a default “yes” to developments around train stations. We are building transport infrastructure, including the lower Thames crossing and expansion at Heathrow and Gatwick airports. We are expanding energy infrastructure at Wylfa and Sizewell. This Government are backing the builders, month after month.

[Nick Smith (Blaenau Gwent and Rhymney) (Lab)]

The Minister for pensions was brilliant at the Budget in helping our mining communities across the UK. Will he provide an update on plans for changing the surplus sharing arrangements for both the mineworkers’ pension scheme and the British Coal staff superannuation scheme?

[Torsten Bell]

My hon. Friend has been a powerful campaigner for those surpluses to be shared with the members of those pension schemes. He knows that we made an announcement at the Budget to ensure that the British Coal staff superannuation scheme surplus is shared with its members, and I know that the trustees are bringing forward their proposals on the sharing of future surpluses.

Pension Schemes Bill

Debate between Nick Smith and Torsten Bell

2nd reading
Monday 7th July 2025 Commons Chamber

[Torsten Bell]

I thank the right hon. Member for his question, and for the discussions that we have had on this important topic. He spent years working on this. The priority for MaPS right now is to ensure that we have the system set up to deal with the additional calls that are likely to come when pension dashboards are rolled out, but I will keep in mind the point that he raises. I think he and a number of hon. Members wrote to me about exactly that point. As I promised in my letter, I will keep it under review, but we must not overburden the system, because we need it to be able to deliver when pension dashboards come onstream.

[Nick Smith (Blaenau Gwent and Rhymney) (Lab)]

Will the Minister update us on when consumers will see the introduction of the pensions dashboard? [Laughter.]