Written Evidence to be reported to the House
Pensions Bill
4:45 pm
Mike O'Brien (Minister of State (Pension Reform), Department for Work and Pensions; North Warwickshire, Labour)
Joanne, you went through the options for dealing with the issue of pays to save. There are people today who have saved for a second pension, and the pot is not large enough and they are on pension credit. One option that has been floated is that such people who end up on pension credit should get back all their contribution. What would your industry’s reaction be if it had to repay anyone who went on to pension credit, and provide, in effect, a guaranteed investment?