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To ask the Secretary of State for Environment, Food and Rural Affairs, if she will invite the Pensions Regulator to submit a Climate Change Adaptation Report looking at the effect of climate change on the UK pensions sector.
To ask the Secretary of State for Environment, Food and Rural Affairs, if she will invite the Pensions Regulator to submit a Climate Change Adaptation Report looking at the effect of climate change on the UK pensions sector.
The current round of reporting under the Adaptation Reporting Power is already underway and its scope was subject to a full public consultation. The Pensions Regulator was not invited to report.
We will review and consult on the third round of reporting, taking account of our latest assessment of climate risk, during which the involvement of a range of new reporters will be considered.
To ask Her Majesty’s Government whether they have received indications of concern from the Financial Conduct Authority about the mis-selling of annuities as a result of failure to take into account health issues; and whether they have taken into account the same risk to those converting pension balances to a...
To ask Her Majesty’s Government whether they have received indications of concern from the Financial Conduct Authority about the mis-selling of annuities as a result of failure to take into account health issues; and whether they have taken into account the same risk to those converting pension balances to a...
In December 2014, the Financial Conduct Authority (FCA) published its thematic review on non-advised annuities sales. This found evidence that firms’ sales practices were contributing to consumers potentially buying the wrong annuity for their circumstances, particularly in not buying an enhanced (higher return) annuity when they may be eligible for one, for example if they have a medical condition.
The FCA is asking firms that participated in the review to conduct further work to determine whether its findings in relation to enhanced annuities are indicative of a widespread problem. The FCA will then review this additional evidence, and will consider what action to take.
The government’s new free and impartial pensions guidance service – Pension Wise – will encourage consumers seeking to take advantage of the new pensions freedoms to properly consider their health as part of their retirement income decision. The new pension flexibilities come into force on 6 April 2015, and the FCA has announced that, from that date, firms will have to provide retirement risk warnings to consumers at the point when they have decided they wish to take a specific action and access their defined contribution pension savings. For example, where a consumer says they would like to purchase an annuity and the provider identifies that the consumer has poor health, the provider should inform the consumer that they could be eligible for a better value annuity.
To ask Mr Chancellor of the Exchequer, with reference to paragraph 2.54 of Budget 2014, what estimate he has made of the number of people who have accessed flexible drawdown as a result of the decision to reduce the guaranteed income requirement from £20,000 to £12,000.
To ask Mr Chancellor of the Exchequer, with reference to paragraph 2.54 of Budget 2014, what estimate he has made of the number of people who have accessed flexible drawdown as a result of the decision to reduce the guaranteed income requirement from £20,000 to £12,000.
As a result of the changes to pensions announced at Budget 2014 for the 2014-15 tax year, it is estimated that over 400,000 individuals are able to withdraw their pension wealth more flexibly if they wish to do so.
This figure was presented in the associated Tax Information and Impact Note, which is available here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293844/TIIN_8070_8062_8202_8132_8133_increasing_pension_flexibility.pdf
To ask Mr Chancellor of the Exchequer, with reference to paragraph 1.164 of Budget 2014, what estimate he has made of the number of people who have taken their pension pots as a lump sum as a result of the decision to increase the small pot limit from £2,000 to...
To ask Mr Chancellor of the Exchequer, with reference to paragraph 1.164 of Budget 2014, what estimate he has made of the number of people who have taken their pension pots as a lump sum as a result of the decision to increase the small pot limit from £2,000 to...
As a result of the changes to pensions announced at Budget 2014 for the 2014-15 tax year, it is estimated that over 400,000 individuals are able to withdraw their pension wealth more flexibly if they wish to do so.
This figure was presented in the associated Tax Information and Impact Note, which is available here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293844/TIIN_8070_8062_8202_8132_8133_increasing_pension_flexibility.pdf
To ask Mr Chancellor of the Exchequer, with reference to paragraph 2.57 of Budget 2014, what estimate he has made of the number of people who have cashed in their pension pots in a lump sum as a result of the decision to increase the upper limit for trivial commutation...
To ask Mr Chancellor of the Exchequer, with reference to paragraph 2.57 of Budget 2014, what estimate he has made of the number of people who have cashed in their pension pots in a lump sum as a result of the decision to increase the upper limit for trivial commutation...
As a result of the changes to pensions announced at Budget 2014 for the 2014-15 tax year, it is estimated that over 400,000 individuals are able to withdraw their pension wealth more flexibly if they wish to do so.
This figure was presented in the associated Tax Information and Impact Note, which is available here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293844/TIIN_8070_8062_8202_8132_8133_increasing_pension_flexibility.pdf
Lords motion to take note of the economy of the United Kingdom in the light of the Budget Statement. Agreed to on question.
Lords motion to take note of the economy of the United Kingdom in the light of the Budget Statement. Agreed to on question.
To ask Her Majesty’s Government, further to the remark by Lord Newby on 5 February that for deferred payments, the "lump sum is income in the year taken" (HL Deb col 791), whether they will set out the accurate position with regard to the effect of taking a lump sum...
To ask Her Majesty’s Government, further to the remark by Lord Newby on 5 February that for deferred payments, the "lump sum is income in the year taken" (HL Deb col 791), whether they will set out the accurate position with regard to the effect of taking a lump sum...
Further to the debate on the Pension Schemes Bill Third Reading (HL Deb col 791), I would like to clarify the point made by my Noble Friend Lord Newby, in response to a question raised by the Noble Lord, Lord Lipsey. In Lord Newby’s response, he set out the position in relation to how lump sums accessed under the new pension reforms would be treated under the tax rules. However, I understand that the Noble Lord, Lord Lipsey was referring to the treatment of such funds under the charging rules for social care.
The new pension reforms will come into force on 6 April and will allow people with defined contribution pensions to access their pensions more flexibly. Where someone chooses to take up this flexibility and withdraw a lump sum, this will be treated as capital. This will then be taken into account in calculating what a person can afford to contribute towards the cost of their care based on the social care charging rules for the product the funds have been moved to. To be treated as income, the resources would need to be in respect of a specified period or form part of a series of payments.
With regard to Deferred Payment Agreements (DPA), the universal scheme introduced under the Care Act will come into force on 1 April 2015 and sets out a national framework for whom a local authority must offer a DPA to. This is based on their level of non-housing assets which is assessed according to the charging framework for social care.
People will therefore need to be aware of how their pension choices may affect what they are asked to contribute towards the cost of their care and their options for meeting that cost.
The Government has committed to support the new pensions freedoms through free and impartial guidance from Pension Wise, to help people make informed and confident decisions about how they use their defined contribution pension savings in retirement. The service will encourage consumers to consider issues such as long term care needs in the context of their decision, signposting consumers to sources of further specialist information as appropriate.
To ask Mr Chancellor of the Exchequer, how many people have registered interest on the Pension Wise website in receiving (a) telephone or (b) face-to-face advice.
To ask Mr Chancellor of the Exchequer, how many people have registered interest on the Pension Wise website in receiving (a) telephone or (b) face-to-face advice.
Information on Pension Wise will be published in due course.
My Lords, the case that the UK has recovered strongly from its catastrophic financial state in 2010 is hard to dispute—although I am sure some noble Lords will do so. We are now the fastest growing
major advanced economy, growing at our fastest since 2007. Employment is at a record...
My Lords, the case that the UK has recovered strongly from its catastrophic financial state in 2010 is hard to dispute—although I am sure some noble Lords will do so. We are now the fastest growing
major advanced economy, growing at our fastest since 2007. Employment is at a record...
I am grateful to the Minister for giving way but he has just made two comments that are very hard to reconcile. First, he said that living standards depend on productivity growth. He then referred to jobs growth. However, there has been no productivity growth; in fact, the growth in...
I am grateful to the Minister for giving way but he has just made two comments that are very hard to reconcile. First, he said that living standards depend on productivity growth. He then referred to jobs growth. However, there has been no productivity growth; in fact, the growth in...
I entirely agree with the noble Lord. My reference to employment simply acknowledged that having a job enables people to protect their living standards. I acknowledge that productivity has not improved in recent years. That is the focus for the future. I have said that productivity is still too low;...
I entirely agree with the noble Lord. My reference to employment simply acknowledged that having a job enables people to protect their living standards. I acknowledge that productivity has not improved in recent years. That is the focus for the future. I have said that productivity is still too low;...
My Lords, it is a pleasure to engage in this debate. I want to focus on three areas: first, the fantasy figures given by the Government in the Budget; secondly, the productivity puzzle; and, thirdly, the issues raised in Who is my Neighbour?, the Church of England document, which was...
My Lords, it is a pleasure to engage in this debate. I want to focus on three areas: first, the fantasy figures given by the Government in the Budget; secondly, the productivity puzzle; and, thirdly, the issues raised in Who is my Neighbour?, the Church of England document, which was...
My Lords, I should like to address three matters: first, the achievements of this Government in dealing with the state of the economy which they inherited in 2010; secondly, rebalancing the economy in terms of growth outside London and the south-east, particularly in the north-east of England; and, thirdly, the...
My Lords, I should like to address three matters: first, the achievements of this Government in dealing with the state of the economy which they inherited in 2010; secondly, rebalancing the economy in terms of growth outside London and the south-east, particularly in the north-east of England; and, thirdly, the...
My Lords, at the time of his first Budget in June 2010, the Chancellor said:
“The most urgent task facing this country is to implement an accelerated plan to reduce the deficit”.
He committed himself to achieving a “cyclically-adjusted current budget balance”—the relevant part of that deficit standing at 4.8%—by the end...
My Lords, at the time of his first Budget in June 2010, the Chancellor said:
“The most urgent task facing this country is to implement an accelerated plan to reduce the deficit”.
He committed himself to achieving a “cyclically-adjusted current budget balance”—the relevant part of that deficit standing at 4.8%—by the end...
My Lords, since the last general election, the Chancellor has succeeded in transforming the disastrous situation that he inherited into one in which recovery is well under way. He has done so to the extent that the Economist headlines its article on the Budget “Bust to boom”. I think that...
My Lords, since the last general election, the Chancellor has succeeded in transforming the disastrous situation that he inherited into one in which recovery is well under way. He has done so to the extent that the Economist headlines its article on the Budget “Bust to boom”. I think that...
My Lords, if you want to have the right policy, you have to start with the right diagnosis. Unfortunately, the Chancellor has got the wrong diagnosis. He and his colleagues have argued all along that Labour caused the deficit by irresponsible public expenditure, which led to his policy. In fact,...
My Lords, if you want to have the right policy, you have to start with the right diagnosis. Unfortunately, the Chancellor has got the wrong diagnosis. He and his colleagues have argued all along that Labour caused the deficit by irresponsible public expenditure, which led to his policy. In fact,...
My Lords, it is right to acknowledge what is good and encouraging in the economic situation—particularly compared to the background of five years ago—and in much of what the Chancellor announced last week, and I am glad to do so. I warmly welcome the continuing fall in the
number of...
My Lords, it is right to acknowledge what is good and encouraging in the economic situation—particularly compared to the background of five years ago—and in much of what the Chancellor announced last week, and I am glad to do so. I warmly welcome the continuing fall in the
number of...
My Lords, much of the commentary we have heard since the Budget—but not, I am pleased to say, in your Lordships’ House—has been a caricature of an economic debate between two harshly polarised views: one political party wants a strong economy and the other does not. Clearly, that is a...
My Lords, much of the commentary we have heard since the Budget—but not, I am pleased to say, in your Lordships’ House—has been a caricature of an economic debate between two harshly polarised views: one political party wants a strong economy and the other does not. Clearly, that is a...
I appreciate that the recent Budget should be treated more as political positioning ahead of the election than as a serious attempt to tackle macro long-term issues, but I want to touch on two things in that latter camp: the north/south divide and the provision of housing. I declare that...
I appreciate that the recent Budget should be treated more as political positioning ahead of the election than as a serious attempt to tackle macro long-term issues, but I want to touch on two things in that latter camp: the north/south divide and the provision of housing. I declare that...
My Lords, before I start, I will say that I agree with everything the noble Baroness, Lady Valentine, said in her speech about housing, particularly about the threat of planning. I have said before that we should get planning out of DCLG and into BIS, as part of changing the...
My Lords, before I start, I will say that I agree with everything the noble Baroness, Lady Valentine, said in her speech about housing, particularly about the threat of planning. I have said before that we should get planning out of DCLG and into BIS, as part of changing the...