Commons Sense

House of Commons · Bill Debate

The Pensions Dashboard Bill - Third Reading

20 January 2023 · 8 other contributors

Opened by Mary Robinson Con Cheadle

Benefits & Welfare

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Mary Robinson raised concerns about the pensions dashboard bill - third reading in the House of Commons. A government minister responded. Other MPs also contributed.

Key points

  • Concerns raised about preventing trustees or managers from using pension scheme assets to reimburse penalties under the Pensions Dashboard Regulations.
  • The Bill aims to stop trustees and managers from reimbursing themselves with up to 50,000 in penalties from pension funds.
  • Criminal proceedings are introduced for misuse of scheme assets, punishable by up to two years in prison and fines.

How the debate unfolded

MPs spoke in turn to share their views and ask questions. Here's what each person said.

Opened the debate

Mary Robinson Con Cheadle

I move to safeguard the interests of pensions savers by preventing unscrupulous trustees or managers from using pension scheme assets to reimburse penalties incurred under the Pensions Dashboard Regulations. The Bill aims to prevent trustees and managers from reimbursing themselves with up to £50,000 in penalties that could otherwise be paid out of pension funds. Automatic enrolment has increased pensions savings but managing multiple pots is difficult; dashboards will consolidate this information online for individuals to track easily. Ensuring data security, the Bill introduces criminal proceedings against trustees or managers who misuse scheme assets, allowing for up to two years in prison and fines.

Other contributors (8)
  • Simon Baynes Con Rotherham

    Supports the Bill as it addresses a potential wrong by preventing trustees or managers from using pension scheme assets to reimburse penalties, which is an extraordinary concept. Emphasises the importance of pensions dashboards in making information accessible and uniting individuals with lost pensions. Stresses that the Bill will provide a deterrent for potential misuse, highlighting the substantial amounts involved in non-compliance penalties under current regulations.

  • Dean Russell Con Oxford West and Abingdon

    Supports the Bill for its importance in pensions transparency, data usage, and consumer protection. Emphasises the role of pensions dashboards in providing clear information about pension contributions and future benefits. Also highlights the broader implications for health data and the need for a single patient view within NHS.

  • Selaine Saxby Con North Devon

    Supports the Bill to strengthen trust in pensions dashboards, improve financial literacy, and address gender disparities in pension values. Highlights the success of automatic workplace enrolment but notes challenges with consolidating multiple small pots from various jobs.

  • David Johnston Con Cannock Chase

    Supports the Bill for enhancing transparency and protecting pensioners from financial misconduct. Acknowledges historical scandals in pensions management and the need for safeguards against misuse of funds.

  • Richard Fuller Con North Bedfordshire

    The Bill seeks to address the issue of missing pensions valued at £19.4 billion, as reported by the Pensions Policy Institute. The amendment aims to improve pension oversight and protect consumers by imposing fines on trustees who fail in their legal responsibilities regarding pensions dashboards.

  • Matt Rodda Lab Reading Central

    Supports the Bill's principle that pension scheme trustees should be responsible for meeting legal requirements, preventing fines from falling on scheme members. Emphasises the importance of the pensions dashboard in making information accessible to members and encouraging retirement savings.

  • Laura Trott Con Sevenoaks

    Supports the Pension Schemes Bill, praising its progress under Mary Robinson. Acknowledges automatic enrolment's success in increasing pension savings and improving participation among women. Highlights the need to address issues like multiple pension pots and forgotten pension funds, advocating for pensions dashboards to reunite individuals with their pension information.

  • Matt Rodda Lab Reading Central

    Pays tribute to the Pensions Commission and the previous Labour Government's role in designing automatic enrolment. Asks about publicising the roll-out of pensions dashboards to ensure pension savers are aware of their full entitlements.

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