Debates between Shailesh Vara and Nigel Mills during the 2015-2017 Parliament

Oral Answers to Questions

Debate between Shailesh Vara and Nigel Mills
Monday 9th May 2016

(8 years, 5 months ago)

Commons Chamber
Read Full debate Read Hansard Text Read Debate Ministerial Extracts
Shailesh Vara Portrait The Parliamentary Under-Secretary of State for Work and Pensions (Mr Shailesh Vara)
- Hansard - -

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 Portrait Nigel Mills
- Hansard - - - Excerpts

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?

Shailesh Vara Portrait Mr Vara
- Hansard - -

The lifetime ISA can supplement somebody’s pension but is not a pension as such.

Oral Answers to Questions

Debate between Shailesh Vara and Nigel Mills
Monday 7th September 2015

(9 years, 1 month ago)

Commons Chamber
Read Full debate Read Hansard Text Read Debate Ministerial Extracts
Shailesh Vara Portrait Mr Vara
- Hansard - -

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 Portrait Nigel Mills (Amber Valley) (Con)
- Hansard - - - Excerpts

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?

Shailesh Vara Portrait Mr Vara
- Hansard - -

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.