Private Sector Pension Abuse - Statement

Part of the debate – in the House of Lords at 5:58 pm on 22nd January 2018.

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Photo of Lord Kirkwood of Kirkhope Lord Kirkwood of Kirkhope Liberal Democrat Lords Spokesperson (Work and Pensions) 5:58 pm, 22nd January 2018

My question is further to the important one raised by the noble Lord, Lord McKenzie, about timing. Whereas the Statement is correct to say that big insolvencies happen infrequently, when they do happen they strike at the confidence among employees about occupational pension savings altogether. I hope the Minister shares the House’s concern about the indirect impact this may have on auto-enrolment. As the Minister knows, some important steps are being introduced in the next phase of auto-enrolment in the near future but, if there is a White Paper in March, it may be 2020 or 2021 before the regulations are available to regulators, auditors and others. Will the Minister undertake to do everything in her power to push forward proper and sensible consideration of the regulations to be introduced, with as much dispatch as it is possible to muster?