Asked by: Angela Rayner (Labour - Ashton-under-Lyne)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, what contingency plans his Department has developed to protect UK pensioners living in other EU member states in the event of UK exit from the EU.
Answered by Justin Tomlinson
I refer the hon. Member to the answer given by the Prime Minister on 14 January 2016 to Question UIN 21952.
Asked by: Angela Rayner (Labour - Ashton-under-Lyne)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, what assessment he has made of the potential effect on UK pensioners living in another EU member state of a British withdrawal from the EU.
Answered by Justin Tomlinson
I refer the hon. Member to the answer given by the Prime Minister on 14 January 2016 to Question UIN 21952.
Asked by: Angela Rayner (Labour - Ashton-under-Lyne)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, what steps he is taking to ensure cost transparency from pooled retail pension funds.
Answered by Justin Tomlinson
It is important that savers know what costs and charges they are paying. As a first step towards achieving this, most occupational pension schemes offering money purchase benefits are now required to report the charges levied on members and, as far as they are able, transaction costs, via an annual Chair’s Statement. The Chair’s Statement, which must be given to beneficiaries and recognised trade unions on request, must also report the trustees’ view on the extent to which these costs present value for members.
Similarly, the Financial Conduct Authority have made rules requiring Independent Governance Committees to report annually on the value for money offered by workplace personal pension schemes, taking into account scheme charges and transaction costs.
The government is committed to ensuring that members of pension schemes are also able to obtain information about all the costs and charges which they bear. Last year, the Government and the FCA jointly carried out a call for evidence on disclosure of transaction costs in pension schemes, and we are currently planning our next steps.
Many pension schemes which invest in pooled funds do so via institutional versions of retail funds, for which costs other than the disclosed investment management fee will be similar. Retail funds will be covered by the Packaged Retail Investment and Insurance Products (PRIIPs) Regulation, which will apply from the end of 2016 and provides for enhanced minimum standards of disclosure.
Asked by: Angela Rayner (Labour - Ashton-under-Lyne)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, what data his Department holds on the distribution of contributions to defined-contribution pension schemes for each (a) income level and (b) age.
Answered by Justin Tomlinson
There are no breakdowns available by income level either for DC personal pensions or for DC workplace pensions.
There is also no breakdown available by age for DC personal pensions, but data on the distribution of employee contribution rates to workplace DC schemes, by age, can be found within Reference Table 5.1 of the Annual Survey of Hours and Earnings (ASHE) 2014 publication available here: http://www.ons.gov.uk/ons/publications/re-reference-tables.html?edition=tcm%3A77-387081
Asked by: Angela Rayner (Labour - Ashton-under-Lyne)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, what data his Department holds on the distribution of deemed contributions to defined-benefit pension schemes for each (a) income level and (b) age.
Answered by Justin Tomlinson
Distributions of deemed contributions to defined-benefit (DB) schemes broken down by income level or age, are not readily available, and have not been previously published as official statistics.
Asked by: Angela Rayner (Labour - Ashton-under-Lyne)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, how many women born between 6 April and 5 December 1953 will be affected by the increase to the state pension age under the provisions of the Pension Act 2011.
Answered by Justin Tomlinson
Of the group stated in the question only women born on or after 6 April 1953 are affected by the changes in State Pension age in the 2011 Pensions Act.
The faster increase to 65 under the Pensions Act 2011 affect an estimated 230,000 women born between 6 April 1953 and 5 December 1953. This figure, rounded to the nearest 10,000, is for Great Britain and is based on DWP calculations using ONS statistics.
During the passage of the Pensions Bill 2011 the Government tabled an amendment so that the maximum delay to State Pension age relative to the previously legislated timetable that any individual faced was 18 months. This amendment affected people born between 6 January 1954 and 5 September 1954. The analysis accompanying this amendment is available at:
Asked by: Angela Rayner (Labour - Ashton-under-Lyne)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, what modelling his Department has undertaken on potential transitional arrangements for women born in the period 1951 to 1953 who are affected by accelerated equalisation of the state pension age; and if he will publish the results of any such modelling.
Answered by Justin Tomlinson
Of the group stated in the question only women born on or after 6 April 1953 are affected by the changes in State Pension age in the 2011 Pensions Act.
The faster increase to 65 under the Pensions Act 2011 affect an estimated 230,000 women born between 6 April 1953 and 5 December 1953. This figure, rounded to the nearest 10,000, is for Great Britain and is based on DWP calculations using ONS statistics.
During the passage of the Pensions Bill 2011 the Government tabled an amendment so that the maximum delay to State Pension age relative to the previously legislated timetable that any individual faced was 18 months. This amendment affected people born between 6 January 1954 and 5 September 1954. The analysis accompanying this amendment is available at:
Asked by: Angela Rayner (Labour - Ashton-under-Lyne)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, pursuant to the Answer of 4 December 2015 to Question 17647, how many of the 650,000 women who will receive an average of £8 per week more for the first 10 years of the new state pension were born between 6 April 1953 and 5 December 1953.
Answered by Justin Tomlinson
The Department published analysis on the impact of the new State Pension (nSP) in January 2016 showing that 650,000 women stand to gain on average £8 per week over the next ten years as a result of the nSP valuation. This is available at:
The specific information requested is not available.