"Auto-enrolment has met or exceeded all initial targets. However, to maximise pensions in the long term, we need to bear down on charges. Two years ago, the Government put in place a cap of 0.75%, which is half that permitted by the Opposition when they had one for stakeholders. The …..." David Mowat - View Speech
"T6. The business case for universal credit identifies savings of £80 million a week in steady state after implementation. These come both from IT simplification and from the removal of barriers to getting back into work quickly. Will the Secretary of State confirm that there is a focus not just …..." David Mowat - View Speech
"When the Labour party introduced the spare room subsidy for the private sector, there was no discretionary housing payment to go with it. Have we made an assessment of whether we could extend discretionary housing payment to the spare room subsidy introduced by Labour?..." David Mowat - View Speech
"Earlier, the Minister pointed out that we have brought in a 0.75% cap on private pensions that are subject to auto-enrolment. That is excellent news. However, there is also abusive behaviour more widely in the industry. Do we expect that cap to be extended to non-auto-enrolled pensions?..." David Mowat - View Speech
"The Independent Project Board, which was set up by the Office of Fair Trading, recently established that more than £8 billion-worth of private pension assets were subject to charges of between 2% and 3%. That makes it almost impossible for such schemes to grow. Will the Minister tell us what …..." David Mowat - View Speech
"I have been reflecting on the wording of the amendment and the use of the word “must”. Had adequate guidance been provided, it would have taken into account the whole gamut of somebody’s circumstances. If that question was not asked, however, what remedy does my hon. Friend suggest? Is he …..." David Mowat - View Speech
"The Secretary of State must have been relieved to hear the Opposition reiterate their support for universal credit, even though they are concerned that it is being rolled out too slowly. Has he had a chance to review their four-point plan, which I presume is designed to address the issue? …..." David Mowat - View Speech
"The shadow Minister’s point would be stronger if in the past when people purchased annuities that had been done with the correct annuities and financial advice being given. We know, however, that 80% of people were buying the wrong annuities. At least in the model now coming in, there will …..." David Mowat - View Speech