"I thank the pensions Minister for that answer and congratulate him on his consultation on introducing a cap that is 50% of the level of the cap for stakeholder pensions introduced when the Opposition were in government. That is a step forward. A further step forward across the whole industry …..." David Mowat - View Speech
"I thank the Minister very much for the announcement that he will consider a 0.75% cap in the consultation. Will he ensure that, in the consultation, there is clarity about what the 0.75% includes? As he is aware, there are an awful lot of different interpretations of costs by different …..." David Mowat - View Speech
"I am sorry to take my hon. Friend back to annuities, but I have been reflecting on his remarks. I agree with the need for us to be more creative in that interface as annuities are taken out, and he is right to say that the annuity broker is overly …..." David Mowat - View Speech
"I have just come back into the Chamber, but since the hon. Gentleman mentions the 40 Tory Members, I want to put on record the fact that as one of those 40, I was extremely happy to hear what the Minister said about the consultation, the 0.75% cap and his …..." David Mowat - View Speech
"I am listening to the hon. Gentleman’s argument, and it seems to me that all his points should be input into the consultation the Minister announced earlier. The Minister made it quite clear that one issue that would be consulted on was a cap of 0.75%, and that among the …..." David Mowat - View Speech
"The pensions Minister mentioned earlier that the Office of Fair Trading report highlighted some of the abusive practices in the private pensions industry, such as active member discount and charges of up to 3% on many schemes. I welcome his consultation, but does he agree that it will be important …..." David Mowat - View Speech
"I have been reflecting on what the hon. Lady said about the National Employment Savings Trust. It is clear that NEST is directionally right and that a passive, low-cost investment vehicle is needed, but there are a great many restrictions that will prevent it from competing fairly with the existing …..." David Mowat - View Speech
"The “pot follows member” proposal interests me as well. Did the Select Committee give any thought to the use of NEST as a vehicle for aggregation? That strikes me as a natural way of going down a different route...." David Mowat - View Speech
"Like many other Government Members, I strongly support the Bill. My hon. Friend the Member for Aberconwy (Guto Bebb) described it as bringing simplicity and fairness. He also described it as a “brave” Bill, although I assume that he did not mean that in the “Yes, Minister” sense. It will …..." David Mowat - View Speech
"The Minister is nodding, so I will not push the point. However, we are in the new world of portfolio careers, where people change jobs eight, nine or 10 times, with entrance and exit charges every time. I find the point hard to see, but okay.