Asked by: Rachel Hopkins (Labour - Luton South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Government has plans to provide additional support to people with private pension schemes that have been affected by the covid-19 outbreak.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The government continues to consider appropriate actions that it can take to protect both the public and the economy from the impacts of COVID-19. We have already introduced a range of measure to support businesses and individuals, ensure financial stability and reinforce social safety nets.
We recognise that the value of investments may have fallen, including those held in private pensions. However, investments are for the long term and the government does not believe there are proportionate interventions to be made at this time.
On 1 April the Financial Conduct Authority, Pensions Regulator and the Money and Pensions Service published a joint statement urging savers to take their time when making financial decisions, and to visit the Pensions Advisory Service website for free pensions guidance before making any decisions about their retirement savings.
Asked by: Rachel Hopkins (Labour - Luton South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, for what reasons the Government extended the eligibility date for the Coronavirus Job Retention Scheme to 19 March 2020 and not 31 March 2020.
Answered by Jesse Norman
The Government has prioritised help for the greatest number of people as quickly as possible through the Coronavirus Job Retention Scheme (CJRS) which will enable millions of people to remain employed. 19 March 2020 has been chosen as the cut-off date for the CJRS as this date is just before the scheme was announced (20 March). Extending the cut-off date beyond 20 March would significantly slow down the system while risking substantial levels of fraud.
Those not eligible for this grant may have access to other Government support, including a package of temporary welfare measures and up to three months’ mortgage payment holidays for those in difficulty with mortgage payments.
Asked by: Rachel Hopkins (Labour - Luton South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate his Department has made of the cost to the public purse of extending the Coronavirus Job Retention Scheme's eligibility cut-off date from 19 March to 31 March 2020.
Answered by Jesse Norman
The Government has prioritised help for the greatest number of people as quickly as possible through the Coronavirus Job Retention Scheme (CJRS) which will enable millions of people to remain employed. 19 March 2020 has been chosen as the cut-off date for the CJRS as this date is just before the scheme was announced (20 March). Extending the cut-off date beyond 20 March would significantly slow down the system while risking substantial levels of fraud.
Those not eligible for this grant may have access to other Government support, including a package of temporary welfare measures and up to three months’ mortgage payment holidays for those in difficulty with mortgage payments.
Asked by: Rachel Hopkins (Labour - Luton South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Coronavirus Job Retention Scheme takes into account (a) wage fluctuation over a period of 6 months and (b) basic income, (c) additional income, (d) overtime payments, (e) commission and (f) pension contributions when calculating 80 per cent of a wage.
Answered by Jesse Norman
The Government seeks, as far as possible, to protect people’s jobs and incomes. This is an unprecedented jobs retention scheme and the Government has been working hard to set out further details on the scheme. The Coronavirus Job Retention Scheme is open to any individual who was on an employer’s PAYE payroll on 19 March 2020. Full details can be found in the guidance available at www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme and www.gov.uk/guidance/work-out-80-of-your-employees-wages-to-claim-through-the-coronavirus-job-retention-scheme, which provides answers to these questions.