Results 1–20 of 6000 for (in the 'Commons debates' OR in the 'Westminster Hall debates' OR in the 'Lords debates' OR in the 'Northern Ireland Assembly debates') speaker:Steve Webb

Amendment of the Law (23 Mar 2015)

Steve Webb: The hon. Lady is concerned, as we are, to make sure that consumers get good value. She has proposed a cap on charges for these new pension products. Presumably, she thinks the cap should come in straight away. What should it be?

AEA Technology Pension Scheme (18 Mar 2015)

Steve Webb: I congratulate my constituency neighbour, my hon. Friend the Member for The Cotswolds (Geoffrey Clifton-Brown), on securing this important debate. As he knows, I have taken an interest in the issue, and I met his constituent Dr Nicholson with him in 2013. I have also had a number of meetings with hon. Members and scheme members. It is important to say, for what it is worth, that I hugely...

AEA Technology Pension Scheme (18 Mar 2015)

Steve Webb: Let me address that point. The first thing to say is that the trustees of the scheme the money went into agreed the transfer values. They could have said, “You’re not putting in enough money to reflect the benefits we are going to have to pay out,” but they signed off the transfer values at the time. The notion of a surplus is strange, because this is an unfunded pension scheme until...

AEA Technology Pension Scheme (18 Mar 2015)

Steve Webb: I wonder if I may make more progress, to be fair to my hon. Friend the Member for The Cotswolds, as I want to respond on a few points. The money went across; the firm was then private. Clearly, the business went on trading for 15 years or so. An issue arises about whether it was a prosperous, expanding firm where something funny went on, or on the brink of insolvency. I want to clarify what...

AEA Technology Pension Scheme (18 Mar 2015)

Steve Webb: I am very happy to ask colleagues at the Department to respond to my right hon. Friend’s questions. Obviously, as he said, the issue of PPF is a DWP responsibility, but insolvency policy—pre-packs and so on—is a BIS responsibility, and of course he should get prompt responses to his questions. If my hon. Friend the Member for Reading West still wants to intervene I am happy to give way.

AEA Technology Pension Scheme (18 Mar 2015)

Steve Webb: Clearly, Government have set up the Pension Protection Fund. As I have said, more than about 10 years ago, people in the situation we are talking about might have received a tiny fraction of the pension they had been going to get. In the present case, the base calculation for those over scheme pension age is 100%. I take the point about indexation, but it is 100%. It is 90% for those under...

AEA Technology Pension Scheme (18 Mar 2015)

Steve Webb: The challenge is that the flip side of being contracted out is that both the employee and the employer paid a reduced rate of national insurance, so lower state benefits accrue, and the scheme essentially replaces part of the state benefit, up to a certain amount, often called a guaranteed minimum pension. The employee benefits from low contributions and has part of the state pension replaced...

Oral Answers to Questions — Work and Pensions: Child Support Agency (9 Mar 2015)

Steve Webb: I am pleased to tell my hon. Friend that the 2012 child maintenance scheme is now open to all applicants and is delivering a more efficient statutory service, including the option of direct payments, for those who cannot make a family-based arrangement. From January 2015, closure of existing CSA cases began.

Oral Answers to Questions — Work and Pensions: Child Support Agency (9 Mar 2015)

Steve Webb: We recognise that further incremental reform would not deal with the long and deep-seated problems with the Child Support Agency. That is why we are closing all the cases on the existing system and moving towards a much more streamlined system. To provide one example of the improvements, we now get data direct from Her Majesty’s Revenue and Customs rather than having to wait for...

Oral Answers to Questions — Work and Pensions: Child Support Agency (9 Mar 2015)

Steve Webb: I am grateful to my right hon. Friend for what he has said. We want to encourage people to sort things out for themselves whenever that is possible, but when they do use the new system, we offer a much better service than we did. For example, we now have what is known in the jargon as a web-based portal. People can log on and see how their accounts stand, and the system is so good that some...

Oral Answers to Questions — Work and Pensions: Topical Questions (9 Mar 2015)

Steve Webb: I am very happy to brief my hon. Friend. Tackling the poorer pension outcomes for women has been a long-term priority for him and for me. Our reformed state pension will come in during 2016 and will deliver a fairer pension for women. Millions of women have been automatically enrolled and so will have a pension of their own, on top of a decent state pension—the difference, dare I say it,...

Littlewoods and Telegraph Pension Funds (5 Mar 2015)

Steve Webb: I begin by congratulating the hon. Member for Mid Bedfordshire (Nadine Dorries) on securing this debate. I will focus my remarks on the Littlewoods and Telegraph pension funds and the matters that fall within my responsibility. I hope that I can respond helpfully to her concerns. The security of pension scheme members’ pensions is always a matter of concern to me and to the House, and...

Littlewoods and Telegraph Pension Funds (5 Mar 2015)

Steve Webb: For the record, the Telegraph pension plan is what is called a defined contribution pension scheme, and it is therefore not capable of having a shortfall and there are no pension promises attached to the plan. There used to be a Telegraph executive pension scheme, which is now closed. I believe it transferred into the Telegraph pension plan, so my understanding is that none of the members of...

Littlewoods and Telegraph Pension Funds (5 Mar 2015)

Steve Webb: As the hon. Lady says, the pension scheme is underwritten by the Pension Protection Fund. There is a regulatory regime to ensure that companies do not hide money, for example. I will say a little more about that, because she raised the issue of money going offshore. Essentially, the regulator has powers to ensure that, when there is an insolvency event and a shortfall in the pension fund,...

Nature: Clause 47 — Pensions guidance (24 Feb 2015)

Steve Webb: I hope that I can respond helpfully to the two sets of issues that the hon. Gentleman raised. I thank him for using the attractive word “dovetailing” to describe what is happening between DWP and HM Treasury legislation. The hon. Gentleman asked about the second line of defence. I think that there might have been some confusion in what he said. I apologise if the speed with which I went...

Nature: Clause 47 — Pensions guidance (24 Feb 2015)

Steve Webb: I beg to move, That this House agrees with Lords amendment 10.

Nature: Clause 47 — Pensions guidance (24 Feb 2015)

Steve Webb: This group of amendments relates primarily to the new pensions freedoms announced by the Chancellor in the Budget last year, which will generally come into effect on 6 April this year. I shall begin with the pension guidance and guarantee, now known as Pension Wise, covered by amendment 10 and amendments 66 to72. The Government intend that all those who stand to benefit directly from the new...

Nature: Clause 27 — Requirement to wind up scheme in specified circumstances (24 Feb 2015)

Steve Webb: As the hon. Gentleman says, we have discussed these issues before. Will he just clarify which of the amendments he is referring to, so that I can respond helpfully to him?

Nature: Clause 27 — Requirement to wind up scheme in specified circumstances (24 Feb 2015)

Steve Webb: I shall respond briefly to the issues that the hon. Gentleman has raised. I am grateful to him for his comments, and I should like to extend my thanks to our noble Friends in another place for bringing the Bill forward on our behalf. I also share his respect for his colleagues, Baroness Drake and Baroness Hollis, for their knowledge and their contribution to the debates. As the hon. Gentleman...

Nature: Clause 27 — Requirement to wind up scheme in specified circumstances (24 Feb 2015)

Steve Webb: I beg to move, That this House agrees with Lords amendment 1.


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