As part of the normal policy development process Ministers and civil servants have met a wide range of people and organisations and have participated in discussions and debates, both face-to-face and on-line, on pensions reform. I have also made a number of visits around the country; providing an opportunity for regional stakeholders and members of the public to discuss the reforms.
The Department has also undertaken a number of activities which have incurred the following specific costs:
The National Pensions Debate, including regional events, National Pensions Day events, the website survey, the stakeholder toolkit and analysis of National Pensions Debate feedback, cost just over £1 million.
A series of seminars and summits to explore in detail the proposals on the key issues surrounding the policy design and implementation for personal accounts cost £72,500.
The White Paper Security in retirement: towards a new pension system which set out the Government’s proposals for reform and the companion regulatory impact assessment cost £278,000 to publish and distribute.
The cost of Security in retirement: towards a new pension system—summary of responses to the consultation, published and distributed on 30 October, was £25,000.
The On-line Pensions Forum which was set up at the end of July to help broaden understanding and discussion of the reform proposals has cost £500.
There have been no meetings with employer representatives specifically to discuss section 67 of the Pensions Act 1995.
In the White Paper “Security in Retirement: Towards a New Pensions System” the Government announced a deregulatory review of occupational.
The aim of the review is to make the private pensions regulatory framework simpler and less burdensome. An external advisory group has been established to assist with the review. The CBI are represented on this group and DWP officials attend the meetings. There have been three meetings of the group to date, and accrued rights is one of several issues that have been discussed.
Nothing is ruled out of the review for consideration for change in the future, and nothing is ruled in, but it will need to strike a balance between protecting members’ benefits and encouraging employer provision by lightening regulation.
The Government have no plans to reduce benefits already earned in defined benefit pension schemes.
We are regularly and actively engaged in discussions with the Chancellor of the Exchequer, Treasury Ministers and officials in his Department on women’s pensions.
The Pensions Bill was introduced on 28 November 2006 and published on 29 November together with regulatory and gender impact assessments of the Bill.
The provisions in the Bill will accelerate improvements in women’s state pension outcomes. Around three quarters of women reaching state pension age in 2010 are projected to be entitled to a full basic state pension under our reforms compared to around half without reform.
Further, a woman, reaching state pension age around 2050, who works or cares for around 40 years could build up a state pension of around £135 a week (in 2005-06 earnings terms)—£20 more than the pension credit standard minimum guarantee.