Doyle-Price questions powers of pension regulator
Date posted: 09-10-2012
THE THURROCK MP rose on the floor of the House to questions the pensions minister regarding pensions provision.
Jackie Doyle-Price (Thurrock, Conservative)
To ask the Secretary of State for Work and Pensions what plans he has to review the governance responsibilities of trustees of pension funds; and if he will make a statement.
Steve Webb (Minister of State (Pensions), Work and Pensions; Thornbury and Yate, Liberal Democrat)
Professor Kay published the final report of his independent review, “UK equity markets and long-term decision making” on 23 July, and the governance arrangements which apply to pension funds is one of the areas which was considered in the report. The Government is considering Professor Kay’s recommendations in depth before responding later this year, and it would not therefore be appropriate to comment in detail on the recommendations at this stage.
To ask the Secretary of State for Work and Pensions what plans he has to review the powers and responsibilities of the pensions regulator; and if he will make a statement.
Steve Webb (Minister of State (Pensions), Work and Pensions; Thornbury and Yate, Liberal Democrat)
Government continually monitors developments in pensions provision and the role the Regulator plays in delivering policy. As a case in point the Public Service Pensions Bill which was introduced on 13 September 2012 sets out a new role for the Pensions Regulator in relation to governance and administration of public service pension schemes. The proposed new role will as far as possible mirror the existing approach that the Regulator has for private sector schemes.
In addition to the quarterly performance and budgetary review process the Department undertakes with the Regulator, this Government has introduced a requirement to review all arm’s length bodies at least once every three years. These Triennial Reviews will challenge whether the functions they perform are still necessary and if so whether it is still appropriate for them to be delivered in the same way. A Triennial Review of the functions of the Pensions Regulator will take place in due course.
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