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Money and Pensions Service. Pensions Dashboards progress update report. June 2026. 11p.
Money and Pensions Service. Pensions Dashboards progress update report. June 2026. 11p.
To ask the Secretary of State for Work and Pensions, whether he has had discussions with the Pensions Regulator on the security of the Thames Water Pension Scheme.
To ask the Secretary of State for Work and Pensions, whether he has had discussions with the Pensions Regulator on the security of the Thames Water Pension Scheme.
The Pensions Regulator is the independent regulator of all trust-based occupational pension schemes and DWP Ministers and officials engage with them regularly on a wide range of issues.
To ask the Secretary of State for Work and Pensions, with reference to his Department's press release entitled Government crack down on pension scams, published on 9 June 2026, how many reports of pension scams were received by (a) Action Fraud, (b) The Pensions Regulator and (c) the Financial Conduct...
To ask the Secretary of State for Work and Pensions, with reference to his Department's press release entitled Government crack down on pension scams, published on 9 June 2026, how many reports of pension scams were received by (a) Action Fraud, (b) The Pensions Regulator and (c) the Financial Conduct...
Collective data on reported pensions fraud is held by Report Fraud (previously Action Fraud), rather than regulators, and these figures show that reported levels of pensions fraud have increased since 2021. However, this should not be taken as evidence of a corresponding rise in underlying criminal activity. Pensions fraud is difficult to quantify, with a significant time lag between activity and detection, normally because the fraud occurs well before individuals access their pension savings. As a result, reported figures may include historic cases and may not reflect current risk.
Enhanced due diligence under the Conditions for Pension Transfer Regulations, together with clearer escalation pathways, has strengthened the identification and recording of suspected fraud, which may also, in part, account for the increase in reported cases.
To ask the Secretary of State for Work and Pensions, with reference to the Department for Work and Pensions' press release entitled Billions in pension surpluses to be unlocked, published on 10 June 2026, what discussions he has had with The Pensions Regulator regarding the supervision of schemes seeking to...
To ask the Secretary of State for Work and Pensions, with reference to the Department for Work and Pensions' press release entitled Billions in pension surpluses to be unlocked, published on 10 June 2026, what discussions he has had with The Pensions Regulator regarding the supervision of schemes seeking to...
The Pension Schemes Act 2026 introduced reforms enabling more trustees of well-funded occupational Defined Benefit (DB) pension schemes to share surplus with employers and benefit members. Regulations will set out the conditions that trustees must meet before surplus can be released. These protections are designed to ensure that members’ promised benefits remain secure. The Department for Work and Pensions (DWP) is currently consulting on these draft regulations.
Decisions to share surplus will remain in the hands of scheme trustees, who must act in the interests of scheme beneficiaries. Employers will have no right to directly access surplus funds. The DB funding code and underpinning legislation, overseen by the Pensions Regulator (TPR), further require that trustees aim to maintain a strong funding position so they can pay members’ future pensions. TPR will provide guidance to trustees on which it will consult.
Member safeguards include a prudent funding threshold, actuarial certification including a forward-looking test, and prior notification to members. As part of the Pension Schemes Act 2026, the impact on member security was assessed. This found that the likelihood of members not receiving their benefits in full to be very low given the important role trustees will play in overseeing any decision.
DWP is working closely with TPR across the delivery of the Pension Schemes Act 2026 through legislation and guidance, including DB surplus. TPR oversee trust-based occupational pension schemes and enforce their compliance with pensions legislation.
All private sector DB schemes are in scope of the reforms, but it will be for individual schemes to decide whether to use these flexibilities. Around 4 in 5 DB schemes are now funded on a low dependency basis and therefore may be in a position to consider releasing surplus. The most recent analysis by TPR indicates that, as of December 2025, DB schemes had an estimated aggregate surplus of around £160 billion.
The Impact Assessment for the Pension Schemes Act 2026 estimated that £11.2 billion of additional surplus funds are expected to be released over a 10-year period as a result of this legislative change, based on assumptions about take-up and behaviour.
DWP recognises the importance of monitoring the impact of these reforms and is committed to ongoing evaluation, including the scale of surplus released.
The Government has not made an assessment of the number of DB scheme members belonging to schemes in surplus that are resident in Essex.
To ask the Secretary of State for Work and Pensions, what role the Pensions Regulator plays in overseeing decisions where discretionary increases are declined despite scheme affordability; and whether that role will be expanded.
To ask the Secretary of State for Work and Pensions, what role the Pensions Regulator plays in overseeing decisions where discretionary increases are declined despite scheme affordability; and whether that role will be expanded.
It has not proved possible to respond to the hon. Member in the time available before Prorogation.
Lords message considered. Commons insistence on its disagreement to Lords amendments 15 to 24, 27, 30 to 34, 36, 38 to 42, 83 and 88. Insists on Commons amendments 88C, 88E to 88P, 88R, 88S and 88W, does not insist on 88A, 88T, 88U and 88V but proposes amendments (a) to (j). Agreed to on division (335 to 158).
Lords message considered. Commons insistence on its disagreement to Lords amendments 15 to 24, 27, 30 to 34, 36, 38 to 42, 83 and 88. Insists on Commons amendments 88C, 88E to 88P, 88R, 88S and 88W, does not insist on 88A, 88T, 88U and 88V but proposes amendments (a)...
Let me begin by welcoming the Minister back to his place—we missed him last night, and it is good to see him back in the Chamber.
Throughout our many debates, we have broadly agreed on the policy intent behind most of the Bill, but as I have said time and again,...
Let me begin by welcoming the Minister back to his place—we missed him last night, and it is good to see him back in the Chamber.
Throughout our many debates, we have broadly agreed on the policy intent behind most of the Bill, but as I have said time and again,...
The Liberal Democrats have opposed mandation from day one, and we have continued to oppose it throughout the passage of this Bill. The challenge is that once we cross the Rubicon, we change the dynamics of pensions significantly. Crucially, people need to have confidence that contributing to pensions is a...
The Liberal Democrats have opposed mandation from day one, and we have continued to oppose it throughout the passage of this Bill. The challenge is that once we cross the Rubicon, we change the dynamics of pensions significantly. Crucially, people need to have confidence that contributing to pensions is a...
The hon. Gentleman makes an incredibly important point about crossing the Rubicon, given that the Government are taking mandation powers to interfere in people’s savings and assets. We are talking about pension funds here, but once that Rubicon is crossed, there is no reason why the Government would not feel...
The hon. Gentleman makes an incredibly important point about crossing the Rubicon, given that the Government are taking mandation powers to interfere in people’s savings and assets. We are talking about pension funds here, but once that Rubicon is crossed, there is no reason why the Government would not feel...
The hon. Gentleman makes a powerful point; I am sure that the Minister will reflect on it when winding up. The Liberal Democrats continue to oppose mandation, and we plan to vote against the motion tonight.
The hon. Gentleman makes a powerful point; I am sure that the Minister will reflect on it when winding up. The Liberal Democrats continue to oppose mandation, and we plan to vote against the motion tonight.
I thank hon. Members for their contributions, and the shadow Secretary of State for her kind words.
I will be brief. The Government have continued to insist on the inclusion of the reserve power in the Bill in all rounds of discussions in this place because we have not heard a...
I thank hon. Members for their contributions, and the shadow Secretary of State for her kind words.
I will be brief. The Government have continued to insist on the inclusion of the reserve power in the Bill in all rounds of discussions in this place because we have not heard a...
I beg to move,
That this House insists on its disagreement with the Lords in their Amendments 15 to 24, 27, 30 to 34, 36, 38 to 42, 83 and 88, insists on its amendments 88C, 88E to 88P, 88R, 88S and 88W to the words restored to the Bill by...
I beg to move,
That this House insists on its disagreement with the Lords in their Amendments 15 to 24, 27, 30 to 34, 36, 38 to 42, 83 and 88, insists on its amendments 88C, 88E to 88P, 88R, 88S and 88W to the words restored to the Bill by...
Lords consideration of Commons amendments. Lords amendments 15 to 24, 27, 30 to 34, 36, 38 to 42, 83 and 88 not insisted on and Commons amendments 88C, 88E to 88P, 88R, 88S, 88W and 88Y to 88Z8, to the words so restored to the bill by the Commons disagreement to the Lords amendments, agreed to.
Lords consideration of Commons amendments. Lords amendments 15 to 24, 27, 30 to 34, 36, 38 to 42, 83 and 88 not insisted on and Commons amendments 88C, 88E to 88P, 88R, 88S, 88W and 88Y to 88Z8, to the words so restored to the bill by the Commons disagreement...
Moved by
Baroness Sherlock
Moved by
Baroness Sherlock
Noble Lords will be aware that we have one outstanding issue on this Bill still in play. Unsurprisingly, it is the reserve power on asset allocation. As this is the fourth time the House has been asked to consider the question, I will spare noble Lords a detailed exposition of...
Noble Lords will be aware that we have one outstanding issue on this Bill still in play. Unsurprisingly, it is the reserve power on asset allocation. As this is the fourth time the House has been asked to consider the question, I will spare noble Lords a detailed exposition of...
My Lords, I rise for the last time in your Lordships’ House to congratulate the Minister, to thank her for all the hard work that she has done and to say how much I have appreciated my interaction with her. We have arrived at a perfect compromise in that none...
My Lords, I rise for the last time in your Lordships’ House to congratulate the Minister, to thank her for all the hard work that she has done and to say how much I have appreciated my interaction with her. We have arrived at a perfect compromise in that none...
My Lords, it is a pleasure to follow the noble Viscount, Lord Thurso. I pay tribute to him. He will be much missed by this House. His work on this Bill and in many other areas has been most welcome and helpful and his demeanour and the manner in which...
My Lords, it is a pleasure to follow the noble Viscount, Lord Thurso. I pay tribute to him. He will be much missed by this House. His work on this Bill and in many other areas has been most welcome and helpful and his demeanour and the manner in which...
My Lords, I am pleased to have reached this stage, where we are now all back on the same side. We have had some exchanges when we have said, once upon a time, that we were all pointing in the same direction, and then we had a little bit of...
My Lords, I am pleased to have reached this stage, where we are now all back on the same side. We have had some exchanges when we have said, once upon a time, that we were all pointing in the same direction, and then we had a little bit of...
My Lords, the amendments brought forward by the Government today, in lieu of those proposed by the noble Baroness, Lady Bowles, go some way towards addressing our more fundamental concerns about the mandation power. In particular, the shift in the test—from requiring schemes to show that compliance
“would be likely to...
My Lords, the amendments brought forward by the Government today, in lieu of those proposed by the noble Baroness, Lady Bowles, go some way towards addressing our more fundamental concerns about the mandation power. In particular, the shift in the test—from requiring schemes to show that compliance
“would be likely to...