division_name: Pension Schemes Bill [Lords] &#8212; New Clause 1 - Pensions Guidance
motion: <p class="indent" pid="c55.5/117" pwmotiontext="yes">&#8220;and alignment with achieving the objectives of the Paris Agreement goal or other climate change goal&#8221;.</p>
  
  <p class="indent" pid="c61.0/3" pwmotiontext="yes">&#8220;Let me be clear: no one will have to buy an annuity. We are going to introduce a new guarantee, enforced by law, that everyone who retires on these defined contribution schemes will be offered free, impartial, face-to-face advice on how to get the most from the choices they will now have.&#8221;&#8212;[Official Report, <phrase class="date" code="2020-03-19">19 March</phrase> 2014; Vol. 577, c. 793.]</p>
  
  <p class="indent" pid="c62.0/3" pwmotiontext="yes">&#8220;The annual reporting allows for wider analysis and commentary against the figures rather than that previously published month by month.&#8221;</p>
  
  <p class="indent" pid="c62.2/3" pwmotiontext="yes">&#8220;This issue about people making poor choices when exercising the freedoms&#8230;is probably the one that I worry about most of all.&#8221;</p>
  
  <p class="indent" pid="c62.2/5" pwmotiontext="yes">&#8220;as strong as they humanly can be&#8221;.</p>
  
  <p class="indent" pid="c62.2/8" pwmotiontext="yes">&#8220;Guidance is vital to ensure that individuals are fully aware of their options before they make a decision on what to do with their retirement savings&#8221;.</p>
  
  <p class="indent" pid="c62.2/10" pwmotiontext="yes">&#8220;a requirement that, in effect, ensures that consumers with a high-value annuity receive appropriate financial advice before making the decision to sell their annuity&#8221;.&#8212;[Official Report, <phrase class="date" code="2020-04-19">19 April</phrase> 2016; Vol. 608, c. 876.]</p>
  
  <p class="indent" pid="c62.2/12" pwmotiontext="yes">&#8220;subject to any exceptions, schemes must ensure that individuals have either received Pension Wise guidance or have opted out.&#8221;&#8212;[Official Report, <phrase class="date" code="2020-04-24">24 April</phrase> 2018; Vol. 639, c. 831.]</p>
  
  <p class="indent" pid="c62.2/15" pwmotiontext="yes">&#8220;We all want people to make more informed decisions and to make it the norm to use Pension Wise before accessing their pension.&#8221;&#8212;[Official Report, House of Lords, <phrase class="date" code="2020-05-01">1 May</phrase> 2018; Vol. 790, c. 1995.]</p>
  
  <p class="indent" pid="c64.0/3" pwmotiontext="yes">&#8220;that tells you that the vast majority of people, left to their own devices, will probably make a poor decision.&#8221;</p>
  
  <p class="indent" pid="c64.0/6" pwmotiontext="yes">&#8220;The DWP should rightfully be proud of Pension Wise, but usage is still worryingly low, and it is a great concern that the &#8216;Stronger Nudge&#8217; trials report published by the Money and Pensions Service shows that only a marginal improvement in take-up is likely to result from this approach.&#8221;</p>
  
  <p class="indent" pid="c72.2/4" pwmotiontext="yes">&#8220;We are now in the third year of this, and it is taking a toll on my health, and also on the health of my wife.&#8221;</p>
  
  <p class="indent" pid="c72.2/8" pwmotiontext="yes">&#8220;We acknowledge that if such schemes do continue to admit new entrants and do not mature then the scheme will not actually reach significant maturity. We are content that such a scheme retains the same flexibility in its funding and investment strategies that all immature schemes have.&#8221;&#8211;&#8211;[Official Report, Pension Schemes Public Bill Committee, <phrase class="date" code="2020-11-05">5 November</phrase> 2020; c. 81.]</p>
  
  <p class="indent" pid="c77.3/6" pwmotiontext="yes">&#8220;Pensions Dashboards are a necessary addition to Automatic Enrolment. More than 10 million people have now been automatically enrolled into workplace pensions through inertia, and will need to find their pension pots and make decisions about them.&#8221;</p>
  
  <p class="indent" pid="c77.3/8" pwmotiontext="yes">&#8220;Already 1 in 5 adults admit to having lost a pension pot and latest PPI research suggests that there is at least &#163;19.4bn held in pots that consumers have lost track of.&#8221;</p>
  
  <p class="indent" pid="c78.1/2" pwmotiontext="yes">&#8220;Pensions Dashboards will not only help to find lost pensions and reduce the cost of financial advice, but should also prompt people to engage more closely with and save more into their pension, aiding consumers to make informed retirement decisions.&#8221;</p>
  
  <p class="indent" pid="c78.1/4" pwmotiontext="yes">&#8220;Pensions Dashboards are now woven into nine different Government and regulatory policy strategies, including the Government&#8217;s UK Digital Strategy, the FCA&#8217;s Retirement Outcomes Review and the Cabinet Office&#8217;s Dormant Assets Commission.&#8221;</p>
  
  <p class="indent" pid="c85.1/6" pwmotiontext="yes">&#8220;It is clear that even if the government was to decide that there should only be a single government-run dashboard, other private sector dashboards would continue to develop outside of the regulated market. These may rely on screen-scraping or other potentially unsecure forms of transmitting customer data.&#8221;</p>
  
  <p class="indent" pid="c88.1/4" pwmotiontext="yes">&#8220;current employer debt system is intended to be equitable to all employers&#8221;&#8211;&#8211;[Official Report, Pension Schemes Public Bill Committee, <phrase class="date" code="2020-11-05">5 November</phrase> 2020; c. 122.]</p>
  
  <p class="indent" pid="c94.1/5" pwmotiontext="yes">&#8220;align finance with society&#8217;s values&#8230;This will help deliver the world that our citizens demand and that future generations deserve.&#8221;</p>
  
  <p class="indent" pid="c94.1/7" pwmotiontext="yes">&#8220;the greatest commercial opportunity of our time.&#8221;</p>
  
  <p class="indent" pid="c96.0/9" pwmotiontext="yes">&#8220;The new clause would be unfair to those employers previously connected with the scheme who have already paid their section 75 debt&#8221;.&#8211;&#8211;[Official Report, Pension Schemes Public Bill Committee, <phrase class="date" code="2020-11-05">5 November</phrase> 2020; c. 123.]</p>
  
  <p class="indent" pid="c96.0/11" pwmotiontext="yes">&#8220;the new clause would weaken the protections contained in the current deferred debt arrangement system. We need to balance the needs of the affected employers with the risks to scheme members and other employers.&#8221;&#8211;&#8211;[Official Report, Pension Schemes Public Bill Committee, <phrase class="date" code="2020-11-05">5 November</phrase> 2020; c. 122.]</p>
  
  <p class="indent" pid="c102.1/9" pwmotiontext="yes">&#8220;I want to make it clear again&#8212;I have said it once, but I will say it again&#8212;that the Government are not proposing to introduce a one-size-fits-all funding standard&#8221;.&#8211;&#8211;[Official Report, Pension Schemes Public Bill Committee, <phrase class="date" code="2020-11-05">5 November</phrase> 2020; c. 81.]</p>
  
  <p class="indent" pid="c102.1/11" pwmotiontext="yes">&#8220;The regulator&#8217;s proposals risk moving back to one-size-fits-all regulation&#8230;Businesses and trustees need to be confident that the new code will allow them to make decisions that benefit savers and the long-term health of companies.&#8221;</p>
  
  <p class="indent" pid="c104.0/2" pwmotiontext="yes">&#8220;Open schemes with a strong sponsoring employer that are immature and have managed their risk appropriately should not be forced into an inappropriate de-risking journey.&#8221;&#8211;&#8211;[Official Report, Pension Schemes Bill [Lords] Public Bill Committee, <phrase class="date" code="2020-11-05">5 November</phrase> 2020; c. 80.]</p>
  
  <p class="indent" pid="c105.0/15" pwmotiontext="yes">&#8220;now looks irrefutable that environmental and social factors are a clear guide to company quality and future investment returns.&#8221;</p>
  
  <p class="indent" pid="c110.1/3" pwmotiontext="yes">&#8220;We acknowledge that if such schemes do continue to admit new entrants and do not mature then the scheme will not actually reach significant maturity. We are content that such a scheme retains the same flexibility in its funding and investment strategies that all immature schemes have.&#8221;</p>
  
  <p class="indent" pid="c110.1/10" pwmotiontext="yes">&#8220;we do not agree that the introduction of commercial dashboards should be delayed, or that the transactions should be banned.&#8221;</p>
  
  <p class="indent" pid="c110.1/12" pwmotiontext="yes">&#8220;there is a need to protect consumers from the risk of commercial dashboards&#8230;However, this must be done via the introduction of consumer protections and regulatory oversight rather than a blanket ban.&#8221;</p>
  
  <p class="indent" pid="c114.2/2" pwmotiontext="yes">&#8220;We all want people&#8230;to make it the norm to use Pension Wise before accessing their pension.&#8221;&#8212;[Official Report, House of Lords, <phrase class="date" code="2020-05-01">1 May</phrase> 2018; Vol. 790, c. 1995.]</p>
  
  <p class="indent" pid="c114.3/2" pwmotiontext="yes">&#8220;the trustees or managers must ensure that the beneficiary has either received appropriate pensions guidance or has opted out of receiving such guidance.&#8221;</p>