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Pensions Dashboard Bill - Clause 1 - Additional protections for pension savers against unscrupulous trustees or managers
15 July 2022
Lead MP
Mary Robinson
Debate Type
Bill Debate
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Other Contributors: 4
At a Glance
Mary Robinson raised concerns about pensions dashboard bill - clause 1 - additional protections for pension savers against unscrupulous trustees or managers in the House of Commons. Other MPs contributed to the debate.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Lead Contributor
Opened the debate
This amendment seeks to safeguard the interests of pension savers by preventing rogue trustees or managers from using a pension scheme’s assets to reimburse themselves for fines incurred under pensions dashboard regulations. The Bill would allow criminal proceedings against such individuals, with a maximum sentence of up to two years in prison or a fine or both. This is important as it protects savers' funds and ensures that trustees cannot misuse the money intended for retirees.
Darren Henry
Con
Broxtowe
Supports the Bill, highlighting the importance of protecting pension savings from unscrupulous practices. Emphasises that without this amendment, trustees could potentially reimburse themselves from members’ pension pots if penalized for compliance breaches under future pensions dashboard regulations. This would undermine the security and integrity of retirement funds.
Karen Buck
Lab
Stockwell
Supports the Bill as it ensures pension scheme trustees are responsible for meeting their legal requirements, preventing fines from falling on scheme members. Highlights that mistakes or failures by trustees should not impact those who pay into pensions throughout their lives. Calls for ongoing work to ensure financial security for retirees and criticises the Government's reliance solely on the pensions dashboard programme.
Guy Opperman
Con
Ebbsfleet
The Bill is crucial in making pensions safer, better, and greener. It supports automatic enrolment, which has transformed pension savings across various demographics. The dashboard will provide easier access to pension information via digital means, simplifying decision-making for consumers and enhancing financial literacy. Additionally, it increases protections by prohibiting trustees from being reimbursed out of scheme assets regarding penalties imposed under future dashboard regulations.
Eleanor Laing
Con
West Dunbartonshire
The hon. Member for West Dunbartonshire congratulated the lead member on achieving a Second Reading for her excellent Bill, indicating support for the Pensions Dashboard legislation.
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