Results 841–860 of 900 for (in the 'Commons debates' OR in the 'Westminster Hall debates' OR in the 'Lords debates' OR in the 'Northern Ireland Assembly debates') speaker:Lord Bradley

Pension Schemes Bill — Committee (2nd Day) (Continued) (12 Jan 2015)

Lord Bradley: First, I thank my noble friends Lady Drake and Lord McKenzie for their excellent contributions, which are welcomed on both sides of the Committee. There is a strong feeling that it is very important that the second line of defence, as put forward in our amendment, is part of the Bill. While I am grateful to the Minister for his comments, I feel that there is a degree of complacency in his...

Pension Schemes Bill — Committee (2nd Day) (Continued) (12 Jan 2015)

Lord Bradley: In moving this amendment to Clause 48, I will soon be moving back to government Amendments 45 and—

Pension Schemes Bill — Committee (2nd Day) (Continued) (12 Jan 2015)

Lord Bradley: I am grateful for that clarification as, I am sure, is the whole Committee. In moving Amendment 44A I shall speak also to Amendments 47 and 48. At this Committee stage, we have tabled amendments on all the recommendations of the Delegated Powers Committee. The Government will either accept the recommendations of that committee or put on record why they do not believe that the delegated power...

Pension Schemes Bill — Committee (2nd Day) (Continued) (12 Jan 2015)

Lord Bradley: I am grateful to the Minister for that detailed and rapid response to the amendments. It will require careful reading to ensure that we fully appreciate all the issues that he has laid out to the Committee. The key element I should be pleased about is that Amendment 44A will be reflected upon by the Government as they devise their own amendments to be brought back on Report, which I...

Pension Schemes Bill — Committee (2nd Day) (Continued) (12 Jan 2015)

Lord Bradley: My Lords, having listened to the Government’s amendments, I am tempted to say that this one is minor and technical and hope it will slip through on the back of that. However, it is not. On the first day in Committee, our first amendment on decumulation was an attempt to ensure that the Government did not lose focus on ensuring that all pension savers obtain a good deal when they look to...

Pension Schemes Bill — Committee (2nd Day) (Continued) (12 Jan 2015)

Lord Bradley: I thank the Minister for his response and the noble Baroness, Lady Drake, for her very important contribution to this debate. I am pleased that the Government recognise that this is an issue and that the purpose of this amendment is entirely to protect the consumer in this matter. I hear the Government’s assurance that the powers to act already exist. What we all want to ensure is that the...

Mental Health — Motion to Take Note (15 Jan 2015)

Lord Bradley: My Lords, I also congratulate the noble Baroness, Lady Tyler of Enfield, on securing this very important debate and on her very effective and wide-ranging opening contribution to it. I also congratulate the noble Lord, Lord Suri, on his excellent maiden speech. He will clearly be a very welcome addition to your Lordships’ House. Mental health has rightly risen up the political agenda...

Pension Schemes Bill: Report (27 Jan 2015)

Lord Bradley: I shall briefly respond as this is the first set of government amendments. I thank the Minister for the courtesy of writing to me with his proposals around these amendments; it is very helpful to have that in advance, as it limits the need for further debate on these matters. Maybe I should declare an interest in that my great-uncle was Welsh, but I do not claim to be part of the Welsh mafia....

Pension Schemes Bill: Report (27 Jan 2015)

Lord Bradley: My Lords, this amendment is connected to Amendment 22. We had an extremely interesting debate in Committee on the merits of what is known as the second line of defence, and I am pleased that we are able to return to it today as a result of our amendment. I preface my brief remarks on this matter with our general approach to the Bill throughout its passage in the House. While we broadly...

Pension Schemes Bill: Report (27 Jan 2015)

Lord Bradley: I am grateful to the Minister. As the DWP is working on the issue with the Pensions Regulator, will it be on the same timetable for introducing such a second line of defence from 6 or 7 April?

Pension Schemes Bill: Report (27 Jan 2015)

Lord Bradley: I am very grateful to the Minister for that reply. I thank my noble friends Lady Drake and Lord Hutton, and the noble Baroness, Lady Greengross, for their support for this amendment. The Minister responded well to the three questions I raised. While I accept that he is not a betting man, I also accept that his assurances that the board will approve these proposals, that they are not...

Pension Schemes Bill: Report (27 Jan 2015)

Lord Bradley: I am grateful to the noble Lord, Lord German. That is in the letter and, as I said, we welcome its contents. It reinforces the points that we made about the second line of defence and the future adequacy of that provision. That is clearly welcome. In conclusion, we will closely monitor the way that the policy and the implementation fall, to ensure that consumer rights are properly protected...

Pension Schemes Bill: Report (27 Jan 2015)

Lord Bradley: I am grateful to the Minister for the explanation of the amendments, which are fine for the Bill, particularly the clarification around the amendment that we moved in Committee on the issues of appropriate independent advice and authorised independent adviser. That is very helpful, and I am pleased that the amendments are now being made. Amendment 4 agreed. Amendment 5 Moved by Lord Newby 5:...

Pension Schemes Bill: Report (Continued) (27 Jan 2015)

Lord Bradley: My Lords, the purpose of this amendment is to give the Government the ability to cap the charges on flexi-access draw-down pension products. It is important because it gives the Secretary of State the power to take action if it is clear that unfair charges are being levied. When the freedoms and flexibilities commence in April, there will likely be a large increase in the number of people...

Pension Schemes Bill: Report (Continued) (27 Jan 2015)

Lord Bradley: I am grateful to the Minister for that response, and for taking up all the issues that I raised under the amendment. I noticed with interest his view that the competitive market will put downward pressure on charges, and I sincerely hope that that is the case. Monitoring of that situation will be essential to ensure that products do not come on to the market that seem attractive to customers,...

Pension Schemes Bill: Report (Continued) (27 Jan 2015)

Lord Bradley: We return to the issue of the National Employment Savings Trust. The amendment requires the Government to lift the restrictions on NEST. In Committee and in a letter that the Minister was kind enough to send me between Committee and today, he explained why it is the Government’s opinion that that is impossible. I want to use this short debate to push back against that idea and explain why I...

Pension Schemes Bill: Report (Continued) (27 Jan 2015)

Lord Bradley: My Lords, following that last point, perhaps I might quote again from the letter, which I accept I may not be interpreting correctly. It says: “The Commission also agreed that the removal of the restrictions on individuals making transfers into and out of NEST could be brought forward to coincide with the introduction of automatic transfers if this were earlier than April 2017”.

Pension Schemes Bill: Report (Continued) (27 Jan 2015)

Lord Bradley: Once again, I am grateful to the Minister for his extensive response on this very important matter and his recognition, which the whole House shares, of the value of NEST and the excellent work it has done—particularly for low-income workers, giving them a very important model to pursue. It was not our intention for the amendment to undermine in any shape or form the focus of the mission of...

Pension Schemes Bill: Report (Continued) (27 Jan 2015)

Lord Bradley: My Lords, we return to decumulation, which is the process of converting pension savings into retirement income. The amendment is aimed at protecting savers who default into an annuity with their same savings provider. The annuity market is not working as it should and the Financial Conduct Authority’s recent Thematic Review on Annuities Sales Practices set out, first, that 60% of retirees...

Pension Schemes Bill: Report (Continued) (27 Jan 2015)

Lord Bradley: Again, I am grateful to the Minister for his views on this amendment, so clearly laid out. I was particularly interested in his comment that we should recognise the law of unintended consequences on this amendment. Some may consider it to be true of the whole Bill, but that remains to be seen. Maybe the reason I am probably most persuaded to withdraw the amendment is that I will not have to...


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