Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps he has taken to monitor the effect of the new pensions flexibilities.

The April 2015 reforms have given people with Defined Contribution pension savings greater freedom about how they fund their retirement.

The new flexibilities have been in place for two months, and the pensions industry is in the process of designing new products. DWP, HMT and the FCA will continue to actively monitor the market as it develops. HMRC will also monitor the effects of tax flexibilities policy through tax data that they collect.

The Government already has the power to limit or ban pensions charges, and if we see that providers are charging excessive fees on these new products we will not hesitate to take action to ensure that consumers receive a good deal.