Mansion House Accord

Debate between Torsten Bell and Ashley Fox

Tuesday 13th May 2025 Commons Chamber

[Torsten Bell]

Exactly; that is what is going on. I speak to pension funds every week who say they are looking to increase their allocation of UK assets because political stability has been delivered—because Liz Truss has been exited from this building. I speak to Australian and Canadian pension funds as well who are saying that they want to open an office in the UK because political and economic stability has arrived.

[Sir Ashley Fox (Bridgwater) (Con)]

Increased investment in the United Kingdom is always welcome. Will the Minister confirm that this Government will never interfere in the fiduciary duty of pension trustees to get the best return for their members?

[Torsten Bell]

The job of pension trustees is absolutely to deliver for their savers and the accord today is delivering exactly that, making sure that we have diversity of asset allocations in our pension schemes. So the answer to the hon. Member’s question is yes.

Work and Pensions

Debate between Torsten Bell and Ashley Fox

Monday 10th February 2025 Written Corrections

[Sir Ashley Fox]

What assessment she has made of the potential impact of means-testing the winter fuel payment on levels of pensioner poverty.

[Torsten Bell]

This Government have run the biggest ever take-up campaign on pension credit, which is worth around £400 on average to those eligible.

[Official Report, 3 February 2025; Vol. 761, c. 534.]

Written correction submitted by the Under-Secretary of State for Work and Pensions, the hon. Member for Swansea West (Torsten Bell):

Oral Answers to Questions

Debate between Torsten Bell and Ashley Fox

Monday 3rd February 2025 Commons Chamber

[Patrick Spencer (Central Suffolk and North Ipswich) (Con)]

7. What assessment she has made of the potential impact of means-testing the winter fuel payment on levels of pensioner poverty.

[Sir Ashley Fox (Bridgwater) (Con)]

22. What assessment she has made of the potential impact of means-testing the winter fuel payment on levels of pensioner poverty.

[The Parliamentary Under-Secretary of State for Work and Pensions (Torsten Bell)]

This Government have run the biggest ever take-up campaign on pension credit, which is worth around £400 on average to those eligible. It also opens the door to extra support and means that 1.5 million pensioners will continue to receive the winter fuel payment. The modelled impact of the decision to target the winter fuel payment at those who need it most does not account for the measures that this Government are taking to raise pension credit take-up.

[Torsten Bell]

This Government and the important charity that the hon. Gentleman mentions are here for the most vulnerable pensioners. That is why we are targeting the winter fuel payment at those who need it most, and why we will uprate all the state pension elements by over 4% this April. He raises the case of the national health service and how important it is to older generations, but it is his party that drove the NHS into the ground over the last 14 years.

[Sir Ashley Fox]

Labour-controlled Bridgwater town council is increasing its council tax precept by 40%. That means that pensioners in my constituency are suffering from not only the loss of their winter fuel allowance, but an enormous tax rise. What advice does the Minister have for those of my constituents who do not qualify for pension credit, and who now face the loss of the winter fuel allowance from this Government and a huge tax rise from their Labour council?

[Torsten Bell]

I encourage all pensioners to consider whether they are eligible for pension credit, but also to look for the wider support that can be provided via the household support fund and the warm homes discount. I say gently to the hon. Member that the driving up of council tax bills is a direct result of the destruction of local government finances by the Conservative party over 14 years.