Draft Occupational Pension Schemes (Administration, Investment, Charges and Governance) (Amendment) Regulations 2021 Debate
Full Debate: Read Full DebateDepartment: Department for Work and Pensions
Chris Stephens
Main Page: Chris Stephens (Scottish National Party - Glasgow South West)Department Debates - View all Chris Stephens's debates with the Department for Work and Pensions
Draft Occupational Pension Schemes (Administration, Investment, Charges and Governance) (Amendment) Regulations 2021
Chris Stephens Excerpts(2 years, 7 months ago)
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Chris Stephens (Glasgow South West) (SNP)
I know that we want to be quick, but I have a couple of general comments and questions. As someone with a trade union background who has been on a picket line and taken industrial action to preserve occupational pension schemes, it is a topic close to my heart. I know that the Minister appreciates that and the work of those of us who serve on the Work and Pensions Committee on that issue, and indeed the impact of the Carillion inquiry, which raised key questions about pensions.
The proposed regulations are fair, but the Minister will recognise the ongoing issues associated with smaller pension pots, which can become uneconomic for both the providers and the members. Just how is he going to ensure that members’ interests in those smaller schemes are protected? Is he looking to enhance the auto-enrolments? There are still too many people excluded. How will the Government also ensure that there is not a sizeable gender pay gap? Will he also consider lowering the age of the threshold for ongoing auto-enrolment membership?