Pensions Bill
12:00 pm
Mike O'Brien (Minister of State (Pension Reform), Department for Work and Pensions; North Warwickshire, Labour)
Do you accept that some people who are auto-enrolled today are on relatively low incomes, may have broken work records or be on means-tested benefits? Tesco does auto-enrols its staff it and large, reputable organisations ought to do so. I assume you agree that there are mechanisms today that could enable someone to get up to £16,000 back from a smaller pension pot, and there is also the opportunity to take 25 per cent. of the pension—if the figure is greater than that—in a lump-sum payment. There are also measures such as savings credit that attempt to address some of these issues.