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513 recent contributions in Hansard
HANSARDPension Schemes Bill (First sitting)Q You just triggered another question. Charlotte, can I quickly ask you about the retail distribution review? The retail distribution review came into effect on 1 January 2013.…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q Ian, can I start with you? One of the problems with auto-enrolment is where individuals move from one job to the next, not with a small pot under £1,000 but with a slightly…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q One of the original ideas of the last Government was to have a lifetime pot, whereby an employee would pay into a fund, but it was deemed by the industry to be quite difficult…02 Sept 2025HANSARDPension Schemes Bill (First sitting)Or, indeed, when they first start to work. As somebody once said, compound interest is the eighth wonder of the world.02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q Do they know that they can do that? Somebody who is changing jobs quite a lot would not necessarily be the sort of person who is making strategic decisions about their…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q Yes, that is kind of helpful. Patrick, could I turn to you? We met and had a very interesting chat. One thing we discussed was the scale of the funds. There is a requirement in…02 Sept 2025HANSARDPension Schemes Bill (First sitting)Q Christopher, do you have any thoughts on that, quickly? Christopher Brooks: We do not work on final salary pensions, so I do not take a view on it.02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q I completely agree: I think it is absolutely right that the more money you have, the more negotiating power you have and the more you can diversify risk and all the rest of it.…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q I want to ask about the value for money framework. There seem to be a lot of fans of the value for money framework. Are Phoenix as enthusiastic about it as everyone else seems…02 Sept 2025HANSARDPension Schemes Bill (First sitting)Q Thank you. I am particularly interested to hear from the two of you, because one of the interesting things about this Bill is that we have had a lot of lobbying from the…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q There was an interesting intervention yesterday from the Reform party about local government pensions. I know that is not necessarily part of what we are talking about now, but…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)That is very helpful, thank you. I am very conscious that other Members will almost certainly have questions, but I must say that I entirely agree with you that a sum of money set…02 Sept 2025HANSARDPension Schemes Bill (First sitting)Q Could you expand a little on the technicalities of how that would work? Obviously, the trustees are there to represent the members, but they are merely a small board of…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q I have one final question. Various clauses look at the asset manager and the trustees effectively marking their own homework on this. There are consequences of an intermediate…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q Very quickly, if you get an intermediate rating, is it published? Tim Fassam: Your value for money rating will be published.02 Sept 2025HANSARDPension Schemes Bill (First sitting)Q You raise a very interesting point. Members could come up with an idea. For example, you mentioned ESG, which is a fine thing—I would not disagree with that—but sometimes it…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q So you could run into the same problems that we saw recently where the Financial Ombudsman Service was publishing who has been under investigation, which caused problems. That…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q The Bill provides for surplus extraction from funds. Do you see that as a good or a bad thing? Morten Nilsson: I see it as a good thing. I think it will change the pension…02 Sept 2025HANSARDPension Schemes Bill (First sitting)Q My last question—Chris, leap in at any point if you feel you have an answer—is about paying out surpluses, either to local government or defined benefit pension schemes. Lots of…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q For defined-benefit pension funds? Morten Nilsson: Yes.02 Sept 2025