Oral Answers to Questions
Debate between Thérèse Coffey and Duncan Baker(1 year, 3 months ago)
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Dr Coffey
Of course not. I was very sad that the noble Lord chose to leave Government. I pay tribute to him for a lot of what he has done in terms of international nature. The Minister for Food, Farming and Fisheries, my right hon. Friend the Member for Sherwood (Mark Spencer), set out to the House on 25 May the approach that we are taking and why. We are getting on with the legislation on keeping primates as pets, and we are preparing single-issue Bills. [Interruption.] The hon. Member for Cambridge (Daniel Zeichner), who is chuntering from a sedentary position, clearly does not know a lot about government. I understand that, because he has never been in it—[Interruption.] I am responding to the chuntering from the hon. Gentleman. The point is that when we introduce secondary legislation, the formality is that we have to consult. That is why we are doing a short consultation, which we launched last week. We will get on with the secondary legislation when we return after the recess.
Duncan Baker (North Norfolk) (Con)
The Secretary of State for Environment, Food and Rural Affairs (Dr Thérèse Coffey)
My hon. Friend and I share a feature in that the coast and the sea are a key part of our constituencies. We have just brought into effect our first three highly protected marine areas. We engage regularly with various stakeholders on a variety of issues relating to the monitoring and protection of coastal and marine biodiversity. We will continue to do that around our shores, but we also do extensive work around the world, with our knowledge and expertise, to ensure that we preserve marine biodiversity much more strongly right across the globe.
Duncan Baker
I recently met Applied Genomics Ltd, a marine scientific business in my North Norfolk constituency. It specialises in environmental DNA acquisition and processing, and has developed an effective technique to measure a broad biodiversity profile, from fish stocks and invasive species to microbial pollution. The UK does not currently have an all-encompassing nationwide programme to monitor our coastal marine environments, so will the Minister consider launching a consistent, low-cost and accurate programme, and will she meet me to discuss it?
Dr Coffey
My hon. Friend will be aware that we monitor marine and coastal wildlife and habitats through the UK marine monitoring and assessment strategy evidence groups. Indeed, the £140 million natural capital and ecosystem assessment programme is an important example of how we are trying to do these things in a smarter and more timely way. I am delighted to say that Applied Genomics, the company to which he refers, whose work I think is interesting and valuable, has delivered some of that work.
Oral Answers to Questions
Debate between Thérèse Coffey and Duncan Baker(2 years, 10 months ago)
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Duncan Baker (North Norfolk) (Con)
Dr Coffey
My hon. Friend is right to point out the opportunities for people on legacy benefits. They may be better off on UC, but if not, they should wait for the managed migration programme, where they will have transitional protection. It is also important to note that benefits calculators are readily available online, and the Department funds Citizens Advice and Citizens Advice Scotland for the help to claim programme. I am sure such organisations can give individual support. We will be resuming our plan to move to UC in 2022.
Oral Answers to Questions
Debate between Thérèse Coffey and Duncan Baker(4 years ago)
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Duncan Baker (North Norfolk) (Con)
The Secretary of State for Work and Pensions (Dr Thérèse Coffey)
The Government’s new job support scheme being launched next month to protect viable jobs and businesses that are facing lower demand is yet another part of how my Department and the Government are standing ready to try to help people stay in work and to prepare to get back into work. [Interruption.] We will continue to do whatever it takes to make sure we are reaching people of all ages. In particular, I want to make sure that people who may newly be looking for support from the welfare state use the Government-funded help to claim service, administered by Citizens Advice. [Interruption.]
Mr Speaker
Order—apologies, Minister. Let me just say to the hon. Member for Stockton North (Alex Cunningham) that there was not time to call him. There was another Member before him on the call list, so there was not a chance that I could have called him before moving on; I do apologise. If he wants to hang around, I will try to get him into topical questions if he wishes to speak.
Duncan Baker
I was pleased to see my right hon. Friend’s announcement that almost 1 million pensioners in receipt of pension credit will be receiving £140 off their energy bills through the warm home discount scheme. My constituency has a very elderly demographic, so that is a great lifeline for so many. Will she confirm that, alongside it, the Government will continue to make winter fuel payments to support our pensioners this winter?
Dr Coffey
My hon. Friend is absolutely correct, and I praise him for raising this issue on behalf of the many people he represents. This Government are committed to tackling fuel poverty, particularly among pensioners, and will continue to deliver winter fuel payments this year. I was pleased by the work done by my Department to make sure that those on pension credit, including in your constituency, Mr Speaker, received the £140 from the warm home discount scheme, without lifting a finger.
Pension Schemes Bill [Lords]
Debate between Thérèse Coffey and Duncan BakerWednesday 7th October 2020
(4 years ago)
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The Secretary of State for Work and Pensions (Dr Thérèse Coffey)
I beg to move, that the Bill be now read a Second time.
Pensions are a fundamental part of everyone’s future. They offer security later in life and can provide much-needed investment to help to build the sustainable future we need. This Bill delivers on our manifesto commitments to legislate for a new style of pension scheme, establish pensions dashboards and tackle those who try to plunder the pension pots of hard-working employees. It creates a new style of pension scheme that has the potential to increase future returns for millions of working people while being more sustainable for employees and employers alike. The Bill has consumer interests at its heart. It strengthens protections for savers by extending the Pensions Regulator’s sanctions regime—prison for pension pot pinchers will, I hope, deter reckless bosses from running schemes into the ground.
The Bill transforms the way people get information about their retirement savings, bringing pensions into the digital age by allowing people to see all their pension information in one place, at the touch of a button. Importantly, it will ensure that individual savers can be told exactly how their pensions will be affected by the increases in the global temperature and what their scheme contributes to carbon emissions.
Through the Bill, the UK will be among the very first countries in the world to put climate change reporting for pension funds into law. That is a crucial step in meeting the Government’s net zero ambition. It will ensure that pension funds play a leading role in the decarbonisation agenda.
Duncan Baker (North Norfolk) (Con)
My constituents in Norfolk are passionate about climate change. They want to have safe and sustainable investments for the future. Can the Secretary of State explain how they will be able to invest sustainably and safely, and how the Bill will help them with that?
Dr Coffey
My hon. Friend has one of the constituencies with the highest number of pensioners in the country, but for his future pensioners this is an important Bill. It will bring transparency for the first time about what is happening with individual investments. This Government are not in favour of trying to force divestment of different elements of fossil fuels and similar—I am conscious that he has Bacton in his constituency. But the Bill is about making sure that the trustees—effectively, the way in which pension funds will be used—are clear about how they can contribute to ensuring that we tackle climate change and how their investments can play a part in making that happen.
This unprecedented period that we have been experiencing has shown more than ever the need for financial resilience but also the need to focus on future resilience. Helping workers to achieve greater financial resilience for themselves for the long term is a crucial part of our economic recovery. Improving the financial resilience of the public is a personal priority for me and I am proud that the Bill is designed to help pension savers across the country. The Government have already taken action to ensure that there is support for pension contributions under automatic enrolment in the coronavirus job retention scheme. How important that policy is to us is demonstrated by the fact that we will be paying for pension contributions for kickstarters.
There are five parts to the Bill. Parts 1 and 2 set out the regulatory framework for new collective money purchase schemes, also known as collective defined contributions or CDCs. Interest in the CDC schemes is growing, as both members and employers look for options beyond the more traditional choices currently available to them to build long-term resilience. The schemes will provide employers with a new way of providing a pension where employers and employees can work together to deliver mutually beneficial outcomes.
The schemes will enable contributions to be pooled and invested, to give members a target benefit level. Investment risk is borne across the membership, rather than by individual members, delivering a good income in retirement without the cost of guarantees and without placing future liabilities on the employer. The Bill will ensure that the schemes are well run and we will require good member communications, so that members understand how their scheme works, including the risk-sharing features of CDC schemes, and that benefit levels may fluctuate.
Part 3 strengthens the powers of the Pensions Regulator. That fulfils our manifesto commitment to tackle those who think they can plunder the savings of hard-working employees. No more. The Bill introduces criminal sentences, so that the worst offenders could end up in jail for seven years, ensuring that those who play fast and loose with hard-working people’s pensions face justice. These important measures introduce the power to issue civil penalties of up to £1 million, as well as creating three new criminal offences for individuals found to be acting wilfully or recklessly.
Some concern has been expressed in the other place that the scope of the powers is too wide and might deter people from becoming trustees. Let me reassure hon. and right hon. Members in this House and the other place that our objective is not to stop or interfere with routine business activity, or to deter people from becoming trustees. We have been clear that businesses must be allowed to make the right decisions to allow them to develop and grow. These new laws underline the importance of being trusted with the stewardship of members’ retirement savings and ensure that people’s hard-earned financial resilience is protected.
Our objective is to provide a sufficient deterrent to make individuals think twice before acting in a way that puts members’ savings at risk. The key point is that the Bill makes it crystal clear that an offence is committed only if the person did not have a reasonable excuse for their behaviour or for engaging in that particular course of conduct. It will be for the regulator to prove that the act was not reasonable. The Pensions Regulator will publish specific guidance on these powers after consulting with the industry.
Part 4 of the Bill delivers on our manifesto commitment to legislate for pensions dashboards. The world of work is changing, and people now have an average of 11 jobs in their lifetime. Pension savings built up during this time are often with different providers, and many people struggle to keep track of their pensions and find it difficult to make informed decisions about their retirement. The provisions in the Bill will bring pensions into the digital age and help individuals to make informed decisions about their financial futures. Pensions dashboards will provide an online service, helping people to reconnect with their pension pots, enabling them to find lost pensions and allowing them to view all their pension information, including the state pension, in a single place.