Context
David Carson and Patricia Kennedy, constituents of Alan Gemmell in Central Ayrshire, face reduced pensions due to the index-linking of contributions from 1997 onwards. This impacts hundreds of thousands of people similarly affected by their Hewlett Packard pension.
Question
David Carson and Patricia Kennedy, constituents of mine in Central Ayrshire, face massively reduced pensions payments from their pre-1997 contributions to their Hewlett Packard pension, because current legislation index-links contributions from 1997 only. What assessment has the pensions review made so far of the challenges facing pension schemes, and will the Minister meet me to discuss David and Patricia's case? The issue affects some hundreds of thousands of people.
Answer from Emma Reynolds
I thank my hon. Friend for raising that case. I would be very happy meet him, or any other hon. Member who has such cases in their constituency; however, the pensions review will look more at how current pension schemes can improve outcomes for future pensioners. We are looking at driving scale in consolidation of defined contribution pension schemes and local government pension schemes, and at a shift away from cost to value. I know that there is interest in that from across the House, and I hope that we can work on it across the parties.
Not addressed: Specific challenges facing pension schemes as highlighted by the Hewlett Packard case were not directly addressed; rather, the review's focus was stated to be on future outcomes for pensioners.
How: However, Looking At Driving Scale In Consolidation Of Defined Contribution Pension Schemes And Local Government Pension Schemes
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