Oral Answers to Questions Debate
Full Debate: Read Full DebateSajid Javid
Main Page: Sajid Javid (Conservative - Bromsgrove)Department Debates - View all Sajid Javid's debates with the Department for Work and Pensions
(12 years, 9 months ago)
Commons ChamberThe trouble is that we just cannot take the Opposition seriously when we know that they have already announced 10 different ways of spending that money. We as a Government are delivering real action through real schemes that work and are affordable, and that is something that they failed to do. It is worth saying also that Labour is the party under which, back in 2009, more than 1 million young people were not in education, employment or training—despite the fact that Labour Members tell us otherwise.
7. What steps he is taking to ensure that individuals are able to build up pension pots under automatic enrolment.
10. What steps he is taking to ensure that individuals are able to build up pension pots under automatic enrolment.
I am pleased to confirm that we will go ahead with the introduction of auto-enrolment next year as planned, and I can confirm further that all businesses remain in scope. We have, however, decided to extend the reform’s current five-year implementation, so that small businesses will not have to start enrolling their workers until the start of the next Parliament. The revised plans will, nevertheless, still result in more than half of all workers being enrolled before the end of this Parliament. This is a positive programme, and there will be no exemptions.
This Government are doing a huge amount to help people deal with the challenges of old age. In that context, does my hon. Friend have any plans to change the rules governing short-service pension refunds?
As my hon. Friend points out, certain pension schemes but not others currently allow people to take money out within the first two years, and that is an anomaly. We need to ensure that money put into pension savings stays there, and that is why short-service refunds for defined contribution schemes will not be part of the long-term landscape under automatic enrolment.