Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, with reference to the Spring Budget 2024, HC 560, published on 6 March 2024, if he will hold discussions with the Chancellor of the Exchequer on how a transferrable pension fund would work.

The Government has recently concluded a call for evidence to understand the considerations, merits and impacts of a lifetime pension provider model.

In his Spring Budget, the Chancellor confirmed our commitment to explore a Lifetime Provider model. My Officials will undertake further analysis and engagement with industry, employers and employees to better understand if this measure would improve outcomes for savers.

I am happy to meet any member of Parliament to discuss this issue.