Speeches by Darling.

“Q Thank you both for coming. Reflecting on pensions systems around the world, what one silver bullet would you both say would help drive positive change through this Bill and strengthen it if applied to it? Colin Clarke: That is a good question. Both our companies have recently been on various trips, to Australia, in p…”

“Q Have you done any reviews of the impact of enhancing payments to those in receipt of the financial assistance scheme? You alluded to some suggestions around VAT payments and tax payments if payments were enhanced. Have you engaged with any studies on that, and what that input may be? Terry Monk: We have looked at all…”

“Q Default solutions are an important part of the Bill. I suspect that, for the more modest savers, they will colour the outcomes for a lot of their pensions. How can the final offer in that area be enhanced so that we get the best outcomes? What tweaks would you make to the Bill to ensure that we are looking after thos…”

“Q The bar for small pots is currently set at £1,000. Is that ambitious enough? Should it be £2,000? £5,000? Or is it a matter of eating an elephant and having to be sensible about what is achievable? Tim Fassam: I think eating an elephant is a very good way of putting it. I think £1,000 is certainly a good place to sta…”

“Q Thank you both for coming. My questions are for Christopher Brooks. From your perspective at Age UK, what are the three wicked issues that the Bill could help tackle—the ones that come most often across your desk at Age UK, which people find a challenge in later life? Christopher Brooks: That is a really good questio…”

“Yes. Michelle Ostermann: We have several types of levies that support our organisation. If I may, I will just take a step back to help everyone to understand what role they play. The PPF is not terribly well understood because we are a bit unique in this industry and there are only half a dozen bodies like us in the wo…”

“Q I seek some clarification from Michelle. At the moment, there is a fee extracted to support your organisation. What if that fee were ceased? Michelle Ostermann: I assume you are speaking of our levy?”

“Q Thank you for coming today. Reflecting on the Bill as a whole, what would you particularly like to see weakened or strengthened in the Bill? What particularly leaps out at you? Rachel Elwell: There are some fantastic provisions in the Bill, particularly around implementing the good governance review, and the clarity …”

“Q The other element I just want to touch on briefly is whether you have any thoughts on educating firms’ trustees about what value for money really is? Quite often, as you have alluded to, it is the cheapest investment, rather than the one that gives the maximum return, that they might be seeing from the HR department …”

“Q We have heard a little about value for money from the previous witnesses. I would welcome some reflections from you on how that could be shaped appropriately to allow risk taking without dumbing down the returns for members, because the crucial thing is driving maximum return without too much risk taking. I would wel…”

“Q We have already had some exploration of mandation and other opportunities around getting greater investment within the United Kingdom. I would welcome some more drawing out of how investing in UK opportunities could be amplified without the need for mandation. Rob Yuille: We have both mentioned the Mansion House acco…”

“Q I have two key questions. We have heard repeatedly in evidence today about questions to do with secondary legislation and guidance. As we go through the Bill Committee and further stages, what confidence do you have as Minister that you will be able to give some clear signalling to the industry about what is likely t…”

“Around a year ago, the Labour Government inherited from the previous Conservative Government around 3 million pensioners in poverty. Sadly, last winter’s cuts to the winter fuel payment saw many pensioners pushed into hardship. In the light of winter fuel price hikes, will the Minister reconsider the Government’s propo…”

“The war in Gaza is horrific on a number of different levels. I would like to focus on one particular level: it is the deadliest conflict for journalists, who often act as our window into atrocities. Will the Secretary of State please explain why we are selling any arms to Israel?”

“The Government are right to want to see more people with disabilities and long-term sickness get into work. Sadly, this was used to justify the savage cuts to benefits that were proposed earlier this year. My colleagues and I are hearing reports of cuts to current awards through Access to Work, and to new payments, bei…”

“That is what really worries me. It is the whole of this—”

“Thank you very much for attending today. It was just last November that you were with us. Reflecting on benefits for people with long-term health issues and disabilities, you talked about “genuine engagement” and not being led by cuts. In March, the papers published that, without consultation, there would be the highes…”

“But can you explain why you have not published the child poverty strategy so far?”

“Yes, but you are avoiding it. Why have you not published the child poverty strategy?”

“So the child poverty strategy is not going to have any impact—it does not matter. Can you explain the delay? You had planned to do it earlier this year; now it is going to be the autumn, and knowing the Government that could be December. Childhood is a really short period of time. We are letting our children in poverty…”