Pensions: Reform
The question
To ask the Secretary of State for Work and Pensions, what assessment she has made of the potential impact of the proposed reforms to the pensions markets on people in North Somerset and Hanham.
Answered by Torsten Bell
This Government introduced its Pensions Scheme Bill on 5th June. This will legislate for a smaller number of bigger, better governed, better value pension providers investing in a wider range of productive assets. The Bill will also legislate for wider changes, from addressing the small pots problem to a value for money regime that focuses everyone on the returns being delivered for savers and duties on those who run pension schemes to put savers into a default pension benefit solution.
This Bill is about delivering better returns for savers and driving economic growth, which will make everyone, including those in North Somerset and Hanham, better off. A typical saver, saving over a working lifetime, could benefit by tens of thousands of pounds.
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