Oral Answers to Questions
Debate between Shailesh Vara and Nigel Mills(8 years, 7 months ago)
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The Parliamentary Under-Secretary of State for Work and Pensions (Mr Shailesh Vara)
The Government continue to roll out the programme of automatic enrolment of all eligible workers into workplace pensions. Of those eligible workers, approximately half are under 40, and the largest increase in pension membership in 2015 was among those aged 22 to 29.
Nigel Mills
I welcome the progress the Minister has outlined. Now that we have announced the lifetime ISA, will he consider allowing people, especially young people, to be auto-enrolled into a lifetime ISA, rather than a pension, to give them a chance to save for a house and have improved financial resilience while they are young?
Oral Answers to Questions
Debate between Shailesh Vara and Nigel Mills(9 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Vara
I do not agree with the hon. Gentleman when he says that we are not taking our responsibility seriously. He will be aware that Pension Wise offers free impartial guidance that can be given by telephone, online or in face-to-face meetings, and that the Money Advice Service provides a free directory with more than 2,250 firms registered on it. That equates to more than 6,000 individuals who can give advice. In Scotland, there are 162 firms that can give such advice to people, so there are plenty of people out there, but if the hon. Gentleman knows of individual cases, I would be happy to hear from him.
Nigel Mills (Amber Valley) (Con)
Is the Minister aware that certain savers who have old, with-profits policies are being forced to pay for financial advice and to get a sign-off, sometimes on an insistent client basis? It can often cost them a lot of money to access their money under the new freedoms. Would the Minister be prepared to look at this matter again, in order to strike the right balance between providing the right advice and not pricing people out of the market?
Mr Vara
My Department is keen to ensure that the consumer does not miss out, and we are working closely with the Financial Conduct Authority to ensure that the rules and regulations are fit and proper. If my hon. Friend would like to bring any particular cases to my attention, I would be happy to look at them.