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My constituent Margaret Briggs, having paid £21,000 over 11 years with four employees into a pension scheme, has in the past four weeks received a demand for £331,000. How is she expected to pay this, and how can that possibly be rational and fair?
My constituent Margaret Briggs, having paid £21,000 over 11 years with four employees into a pension scheme, has in the past four weeks received a demand for £331,000. How is she expected to pay this, and how can that possibly be rational and fair?
I cannot speak on the specifics of the individual scheme, but the majority of the employers in these schemes are incorporated and are not personally liable for any debt. The flexible apportionment arrangement can be used to help unincorporated employers who wish to incorporate, and the plumbing pension trustee has a streamlined flexible apportionment arrangement process that employers can use. Alternatively, where the employer debt arises in multi-employer schemes as a result of an employer cessation event, there are a number of mechanisms in the occupational pension schemes employer debt regulations that can be of assistance
What recent discussions she has had with representatives from the plumbing industry on section 75 pension liabilities.
What recent discussions she has had with representatives from the plumbing industry on section 75 pension liabilities.
I met plumbing representatives from Lancashire recently, and those in Angus and Perth last year. We also debated this matter in the House last year. There are nearly 1,000 last man standing multi-employer schemes. Most respondents to the Green Paper on defined-benefit pensions felt that the current buy-out basis was a clear and fair way in which to calculate an employer debt.
To ask the Secretary of State for Work and Pensions, what assessment her Department has made of the financial effect on members of the Plumbing and Mechanical Services (UK) Industry Pension Scheme of the operation of section 75 of the Pensions Act 1995.
To ask the Secretary of State for Work and Pensions, what assessment her Department has made of the financial effect on members of the Plumbing and Mechanical Services (UK) Industry Pension Scheme of the operation of section 75 of the Pensions Act 1995.
As I explained in the adjournment debate on 11 January our Green Paper sought views about the current Section 75 employer debt regime and we have considered carefully the evidence made available by a number of pension schemes who responded, including the Plumbing and Mechanical Services (UK) Industry Pension Scheme. We have also assessed the impact any changes in this area could have on pension scheme members, and all other sponsoring employers.
To ask the Secretary of State for Work and Pensions, what assessment he has made of the equity of the arrangements for sharing pensions between divorced couples where the divorce took place more than 10 years ago.
To ask the Secretary of State for Work and Pensions, what assessment he has made of the equity of the arrangements for sharing pensions between divorced couples where the divorce took place more than 10 years ago.
Financial settlements following divorce or dissolution of a civil partnership, including which assets are included and how they are divided, is a matter for the family and matrimonial law of England and Wales, Scotland or Northern Ireland. The pension legislation which provides the mechanism for implementing a pension sharing order granted by the courts remains largely unchanged since the introduction of pension sharing in December 2000.
To ask the Secretary of State for Work and Pensions, what progress has been made as a result of consultations on section 75 pensions liabilities for small plumbing partnerships.
To ask the Secretary of State for Work and Pensions, what progress has been made as a result of consultations on section 75 pensions liabilities for small plumbing partnerships.
Following a Call for Evidence we are exploring alternative methods to help small employers in multi-employer schemes manage section 75 employer debts with a view to consulting on proposals in due course.
What estimate he has made of the number of pensioners accessing up-to-date pension advice from his Department.
What estimate he has made of the number of pensioners accessing up-to-date pension advice from his Department.
The Department itself does not give advice. Regulated financial advice can be given only by a Financial Conduct Authority-authorised adviser. Pension Wise, set up by the Government, offers free, impartial guidance to people aged over 50 with defined contribution pensions. So far, over 20,000 people have received a guidance appointment since April 2015.
Twenty thousand is a drop in the ocean, considering the enormity of the changes. How will the Government ensure that pensioners are getting good, sound advice—and quantify that they are—in order that pensioners are not ripped off by people advising them badly and therefore lose out in future years?
Twenty thousand is a drop in the ocean, considering the enormity of the changes. How will the Government ensure that pensioners are getting good, sound advice—and quantify that they are—in order that pensioners are not ripped off by people advising them badly and therefore lose out in future years?
May I bring the hon. Gentleman into the 21st century? There have been over 1.5 million visits to the Pension Wise website. We are confident we will make sure that the public are aware of what Pension Wise has to say, and that people can access the website or have face-to-face, telephone or online interviews.
When a useless Government Minister is sacked, including by the electorate, they get a huge pay out and a massive pension. Why is there one rule for the politicians and another rule for the firefighters?
When a useless Government Minister is sacked, including by the electorate, they get a huge pay out and a massive pension. Why is there one rule for the politicians and another rule for the firefighters?
We will debate this issue this afternoon, but I stress that we need to stick to the facts of the case. Many things about the regulations that came into law last week are an improvement on some of the schemes. We have addressed genuine concerns about people working until they are older. I hope this afternoon will provide us with the opportunity to get those facts on the record. I point out to the hon. Gentleman that the previous scheme will finish at the end of this financial year, so if the regulations were revoked firefighters would be without a pension scheme and they would lose all the protections they currently enjoy.
To ask the Chancellor of the Exchequer what discussions he has had with industry on changes to drawdown pensions.
[119097]
To ask the Chancellor of the Exchequer what discussions he has had with industry on changes to drawdown pensions.
[119097]
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.
Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:
http://www.hm-treasury.gov.uk/minister_hospitality.htm
Details of officials' meetings with external organisations are not held centrally and it would entail disproportionate cost to collate this information.
To ask the Chancellor of the Exchequer whether he has any plans to investigate the financial situation of pensioners with drawdown pensions.
[119098]
To ask the Chancellor of the Exchequer whether he has any plans to investigate the financial situation of pensioners with drawdown pensions.
[119098]
The Government continually keeps all aspects of its policies under review and is committed to maintaining flexibility for those with drawdown arrangements.
To ask the Chancellor of the Exchequer how many pensioners have drawdown pensions; and how many such pensioners have received a new three yearly valuation from the Government Actuary's Department.
To ask the Chancellor of the Exchequer how many pensioners have drawdown pensions; and how many such pensioners have received a new three yearly valuation from the Government Actuary's Department.
To ask the Secretary of State for the Home Department how many police authorities have indicated to her Department that they may implement Regulation A19 of the Police Pensions Regulations 1987 in the last three months.
To ask the Secretary of State for the Home Department how many police authorities have indicated to her Department that they may implement Regulation A19 of the Police Pensions Regulations 1987 in the last three months.
To ask the Secretary of State for the Home Department how many police officers have been retired under regulation A19A in (a) each of the last 20 years and (b) 2010 to date.
To ask the Secretary of State for the Home Department how many police officers have been retired under regulation A19A in (a) each of the last 20 years and (b) 2010 to date.
That this House believes that the taxation of workers' pensions continues to act as a deterrent to saving and disadvantages those workers who have invested in pensions throughout their working life, including members of the coal miners pension fund; further believes that as a fiscal stimulant and a reward for saving, pensioners should be exempt from taxation for the first ??15,000 of income and that taxation levels for pensioners in excess of ??50,000 a year should be significantly increased, with those receiving a pension of over ??700,000 a year being taxed at 90 per cent., leaving a pensionable income of ??70,000 which is more than enough for any pensioner.
That this House believes that the taxation of workers' pensions continues to act as a deterrent to saving and disadvantages those workers who have invested in pensions throughout their working life, including members of the coal miners pension fund; further believes that as a fiscal stimulant and a reward for...
To ask the Secretary of State for Trade and Industry when he expects to resolve the pension loss issues at co-defendant rates in the coal miners compensation scheme.
To ask the Secretary of State for Trade and Industry when he expects to resolve the pension loss issues at co-defendant rates in the coal miners compensation scheme.
To ask the Secretary of State for Trade and Industry, if she will assess progress made since 13th March 1989 in safeguarding pension arrangements for Skills Training Agency staff who transferred into the private sector.
To ask the Secretary of State for Trade and Industry, if she will assess progress made since 13th March 1989 in safeguarding pension arrangements for Skills Training Agency staff who transferred into the private sector.
That this House notes that it is 10 years since the collapse of Astra Training Services following its privatisation by the then Conservative Government; notes that following the collapse all employees were made redundant and lost their pension entitlements; is concerned that former staff received contradictory advice about their pension situation; is further concerned that the staffs' pension contribution for June 1993 remains unaccounted for; and calls on the Government to launch an investigation into the events surrounding the collapse.
That this House notes that it is 10 years since the collapse of Astra Training Services following its privatisation by the then Conservative Government; notes that following the collapse all employees were made redundant and lost their pension entitlements; is concerned that former staff received contradictory advice about their pension...
To ask Mr Chancellor of the Exchequer, what assessment he has made of differences between the pension projection basis provided by the Financial Services Authority and the Department for Work and Pensions (a) to new businesses and (b) in annual forecasts.
To ask Mr Chancellor of the Exchequer, what assessment he has made of differences between the pension projection basis provided by the Financial Services Authority and the Department for Work and Pensions (a) to new businesses and (b) in annual forecasts.
To ask Mr Chancellor of the Exchequer, whether the Financial Services Authority is able to allow pension providers to continue selling new pension policies that are not based on the parameters set by the Statutory Money Purchase Illustration regulations coming into force on 6th April. - (Holding answer 18 March...
To ask Mr Chancellor of the Exchequer, whether the Financial Services Authority is able to allow pension providers to continue selling new pension policies that are not based on the parameters set by the Statutory Money Purchase Illustration regulations coming into force on 6th April. - (Holding answer 18 March...
To ask the Secretary of State for Work and Pensions, if he will extend the scope of the Statutory Money Purchase Illustration Regulations that come into force on 6th April to include pensions sold to the public after that date.
To ask the Secretary of State for Work and Pensions, if he will extend the scope of the Statutory Money Purchase Illustration Regulations that come into force on 6th April to include pensions sold to the public after that date.