Read transcripts of debates in both Houses
Produced by Commons Library, Lords Library and Parliamentary Office Science and Technology
Search for Members by name, postcode, constituency and party
Learn about their experience, knowledge and interests
Celebrating people who have made Parliament a positive, inclusive working environment
Four staff networks for people to discuss and consider issues.
Contact your MP or a Member of the House of Lords about an issue that matters to you
Sign up for the Your Parliament newsletter to find out how you can get involved
Explore the Houses of Parliament on this virtual tour
Sign up to our newsletter for regular updates about visiting
Book a school visit, classroom workshop or teacher-training session
Access videos, worksheets, lesson plans and games
Work and Pensions Committee
The Committee’s recently completed inquiry into Pension freedom and choice examined ways to ensure that people saving for their pensions are equipped to make well-informed choices, and are well served by the pensions marketplace. Our report on the British Steel Pension report found that scheme members were ‘shamelessly bamboozled’ by advisers and unregulated introducers into signing up to ongoing adviser fees and unsuitable pension products and investments, characterised by high investment risk, high management charges and punitive exit fees. The Committee concluded that the use of contingent charging (‘no transfer no fee’) by DB transfer advisers gives rise to an ‘inherent conflict of interest’ and recommended that the FCA ban the use of contingent fee models for DB transfer advice.
Following on from that work, this new inquiry focuses on whether the pensions industry provides sufficient transparency around charges, investment strategy and performance to consumers.
The deadline for written submissions was 3 September 2018.
Evidence given by Guy Opperman MP, Parliamentary Under Secretary of State, Charlotte Clark, Strategy Director for Private Pensions, Department for Work and Pensions, and John Glen MP, Economic Secretary, HM Treasury.
Work and Pensions Committee publish Government and FCA's Responses to Pension costs and transparency report