Speech in Commons Chamber - Mon 17 Jun 2013 Pensions Bill
"I am told that the figure is £44 billion: a lot of money. It behoves us—it behoved the last Government, as well—to ensure that that money is spent effectively in a targeted way. My concern is that that money is part of the reason why the charge rates in our …..." David Mowat - View Speech
"22. The pilot commenced on time and substantially on budget at one of the pathfinder locations, implying that much of the application must be working. Does that not contrast well with the failed big-bang approach taken by the last Government in similar implementations?..." David Mowat - View Speech
"The Pensions Minister will have seen the recent press coverage about the high margins generated by annuity providers. That comes as no surprise given the complete market failure that has occurred in large parts of the private pension industry. Will he consider imposing a uniform product structure—as has been done …..." David Mowat - View Speech
"The Minister will be aware of the recent Cass business school report that says that many older defined-contribution schemes charge 3% or more. That is six times the best practice of newer schemes, and it is costing many tens of thousands of people the chance of having a decent pension. …..." David Mowat - View Speech
"4. If he will make it his policy that the National Employment Savings Trust should have greater freedom to compete in the market for occupational pensions...." David Mowat - View Speech
"I thank the Minister for that answer. He will be aware that for the past two decades we have had the highest pension charges in the OECD. Part of the solution for the next two decades is NEST, yet there are a number of restrictions on its operating model that …..." David Mowat - View Speech
"Given the increasing evidence of market failure in the private pensions system and the Financial Services Authority’s recent estimate that between 30 % and 50% of private pension pots now go on charges, will the Government consider putting a cap on charges before auto-enrolment comes in?..." David Mowat - View Speech
"I am delighted to have this opportunity to raise a number of emerging cost structure issues within the UK pension market. This is an area in which I continue to receive a high number of representations from constituents, and the recent debate over public sector pensions has highlighted yet again …..." David Mowat - View Speech
"I thank my colleague for that intervention. I was just about to say that the average pension pot for the people in the sector I mentioned is of the order of £35,000 a year. That is enough for a pension of about £1,500 a year.