argyrotsipi/train-dataset huggingface dataset:
Pension Schemes Bill — House of Lords, 2015-01-27
Topic: Labor
Thomas McAvoy (Labour, Centre-left): I thank the Minister for giving way. The Minister has raised some objections that are less extreme than those of the noble Lord, Lord German—so there is a difference in fairness here. Our new Clause 13 was initially a response to the problem of having so many trustees. Let us not forget this direct quote from my honourable friend Gregg McClymont: "Our new clause 13 would initiate a response to that problem, but let us not forget that of the 200,000 pension schemes in the UK the vast majority are group personal pensions under the management of four or five—no more than half a dozen—insurance companies. A governance board properly constituted of trustees attached to each one of those major insurance companies would deal with the vast majority of pension schemes in the UK. That is a very important point".—[Official Report, Commons, Pension Schemes Bill Committee, 4/11/14; col. 324.]
Pension Schemes Bill — House of Lords, 2015-01-27
Topic: Labor
Thomas McAvoy (Labour, Centre-left): My Lords, maybe I am paranoid or maybe I just have a suspicious mind or maybe my mother knew what she was doing when she called me "Thomas", but I do not believe that it is entirely coincidental that what someone called the Welsh mafia are in operation here, with certain facts—in inverted commas—being produced. Cost has been mentioned by the noble Lord, Lord German, and the Minister. Can anyone in this House give an exact figure for the cost to the members of pension schemes where there has not been proper fiduciary guarantees of independent governance? Can anyone give me a quote? Plenty of folk can quote instances where money has been lost through pension funds. I do not think that the principle that we are putting forward here is as unreasonable as has been portrayed, particularly by the noble Lord, Lord German. We will return to scale at a later stage. In the mean time, we will try to find an estimate of how much has been lost to ordinary members of pension schemes through a lack of governance In the mean time, however, I beg leave to withdraw the amendment.
Pension Schemes Bill — House of Lords, 2015-01-27
Topic: Labor
Keith Bradley (Labour, Centre-left): I am grateful to the Minister. As the DWP is working on the issue with the Pensions Regulator, will it be on the same timetable for introducing such a second line of defence from 6 or 7 April?
Pension Schemes Bill — House of Lords, 2015-01-27
Topic: Labor
Keith Bradley (Labour, Centre-left): I am very grateful to the Minister for that reply. I thank my noble friends Lady Drake and Lord Hutton, and the noble Baroness, Lady Greengross, for their support for this amendment The Minister responded well to the three questions I raised. While I accept that he is not a betting man, I also accept that his assurances that the board will approve these proposals, that they are not temporary, and that the DWP will bring in a similar, parallel policy for trust-based schemes are all welcome and reassuring to the House. I believe that this is a real victory for all those who have campaigned, both inside this House and outside Parliament, for a second line of defence to give added protection to people making decisions about the pension pots and retirement income. As we said, that is perhaps the most important financial decision they will make in their lives.
Northern Ireland: On-the-Runs Scheme — House of Lords, 2015-01-27
Topic: Law and Crime
Thomas McAvoy (Labour, Centre-left): My Lords, I thank the Minister for repeating the Secretary of State’s Statement in the House of Commons. The revelation yesterday regarding the collapse of the inquest into the murder of Gareth O’Connor has caused further justifiable concern and anxiety in Northern Ireland. Our thoughts today must and should be with the O’Connor family. Like so many of those left behind, they sought truth and justice about what happened to Gareth in 2003. They have waited 12 long years for an inquest into the death of their son. The thought of preparing for a week-long inquest would have been harrowing for the family. This development has made a highly stressful situation even worse. News of another error from the administrative scheme for the on-the-runs is devastating, following the catastrophic error in the Downey case last year We have apologised for the Downey error, and do so again for the error in the O’Connor case. In the same way as this scheme never offered amnesty, it was also never intended to cover alleged offences committed after the signing of the Good Friday agreement. The delay in the coroner and the family being made aware of the error is deeply troubling. The Northern Ireland Office and the police knew about the case, and indeed—as the Minister has indicated—it was referred to in the Hallett report I have some questions for the Minister. Why did the Northern Ireland Office not ensure that this family were told of the error in the immediate aftermath of the Hallett report? How many other potential specific errors identified in the Hallett report are the Northern Ireland Office currently investigating? In view of the financial pressures facing the Police Service of Northern Ireland, what is the Minister’s estimate of the time it will take to review all the cases covered by the on-the-run scheme? Finally, in a related matter which has caused similar concerns, can the Minister give the House an update on investigations on the missing information as regards the royal prerogative before 1997?
Pension Schemes Bill — House of Lords, 2015-01-27
Topic: Labor
Keith Bradley (Labour, Centre-left): Once again, I am grateful to the Minister for his extensive response on this very important matter and his recognition, which the whole House shares, of the value of NEST and the excellent work it has done—particularly for low-income workers, giving them a very important model to pursue. It was not our intention for the amendment to undermine in any shape or form the focus of the mission of NEST that the Minister rightly referred to. It was to try to ensure that the continued auto-enrolment of employees continues, and NEST is part of that process because it is doing such a successful job. I am, however, grateful for his clarification of the European ruling and the distinction between transfers and contributions. I will read the explanation in detail following this debate We all want to ensure the continued success of NEST as an organisation. I am sure that over the coming months it will continue to play that role and I look forward to debating further these matters as further legislation is presented to this House. In the mean time, I beg leave to withdraw the amendment.
Pension Schemes Bill — House of Lords, 2015-01-27
Topic: Labor
Thomas McAvoy (Labour, Centre-left): My Lords, Amendment 10 would ensure that the fiduciary duty of pension scheme trustees should include a duty to consider whether the scheme had sufficient scale to deliver good value for members. It is the same amendment that we proposed in Committee but, having reflected on the Minister’s answers, we believe that this is so important an issue that we want to return to it The Minister said in Committee that, "although … the market is driving things in the direction of scale, it is the case that managers and trustees should be considering this as part of their duties".—[Official Report, 7/1/15; col. 393.] He also said that the framework was already there to enable mergers and scaling up, and indeed they are happening. However, it is crucial to us on this side of the House, whether the issue is governance and transparency or the way in which duties are imposed on trustees, that we should always be looking to get best value and protect the interests of the public throughout this process. Strengthening the arm of the Pensions Regulator will help to achieve that scale. It is our view—and that of the Pensions Regulator, which was set out in evidence—that there has to be a scaling up of the UK pensions industry. At the moment there are far too many schemes, and we want a process in place to try to reduce that and build up scale. Our proposed new clause would not by any means reduce the number to a handful, but would give powers to trustees and the regulator to promote scale. It would be a sensible addition to the powers of trustees and the regulator. Given the widespread consensus in the pension industry that scaling up will have to happen, and that in doing so costs would be reduced and there would be a better outcome for savers, I hope and believe that the Government will wish to support the amendment. I beg to move.
Pension Schemes Bill — House of Lords, 2015-01-27
Topic: Labor
Thomas McAvoy (Labour, Centre-left): I thank the Minister for his response. However, I have struggled a wee bit to align some of the comments made by the Minister and by his loyal and noble friend Lord German. We have been accused of saying that bigger is beautiful, but no, we did not, and of saying that bigger is best, but no, we have not said that. The Minister has used the word "sledgehammer" to describe this minor, moderate amendment, and it is just not true. The noble Lord, Lord German, referred to a "forced marriage". The only forced marriage I see is, more appropriately, across the Benches here and it is heading for a rocky end in divorce and mayhem and not on good terms either I repeat what the amendment would do. It would ensure that: "The fiduciary duty of pension scheme trustees shall include a duty to consider whether the scheme has sufficient scale to deliver good value for members" The only duty is to consider. It is not a forced marriage, it is not bigger is best, it is not big is beautiful, and it is not a sledgehammer. I am losing track of all the various adjectives used here to describe this little amendment. We think it is a reasonable duty to give them to make sure they at least consider it. No force of any kind is envisaged at all. The Minister is not an extreme person but I am disappointed that he has perhaps been waylaid by his loyal and noble friend into using some extreme language which does not fit the amendment. However, I beg leave to withdraw the amendment.
Pension Schemes Bill — House of Lords, 2015-01-27
Topic: Law and Crime
Patricia Hollis (Labour, Centre-left): Would the Minister mind expanding a little on this? He, or certainly his colleagues, will know that as a result of cuts by the MoJ, CABs have lost 60% of their funding that has been going into legal aid. To my knowledge, this means that CABs have substantially restricted their hours, they are often unavailable on the telephone and they are offering a very reduced and spartan service, particularly in rural areas, where, at the same time, individuals cannot access through broadband any of the websites that TPAS and so on may go on to produce. Is the Minister saying that there will be enough funding, over and beyond paying the CAB advisers £18,000 a year or whatever after their training, to keep CABs open at full hours, rather than simply to mount the skeleton service that is all they can afford at the moment, thanks to the cuts by his colleague, the right honourable Chris Grayling?
Pension Schemes Bill — House of Lords, 2015-01-27
Topic: Labor
Keith Bradley (Labour, Centre-left): I will be brief as I cannot better the brilliant analyses of my noble friends Lady Hollis and Lady Drake on the interrelationship between the pension freedoms, income-related benefits and care costs. The only point I want to emphasise relates to our previous amendment on the guidance guarantee—namely, it is critical that there is absolute certainty and clarity of policy in this area to ensure that those who are giving guidance to customers are consistent and clear about what that guidance should be. I look forward to the Minister’s detailed response to the analyses of my two noble friends.
Pension Schemes Bill — House of Lords, 2015-01-27
Topic: Government Operations
Patricia Hollis (Labour, Centre-left): I apologise for interrupting the noble Lord quite so quickly, but the amendment was not meant to refer solely and exclusively to face-to-face guidance that may or may not be offered by the CABs or TPAS. What I am talking about is a government leaflet, the content of which should also be on a website, explaining in very plain English exactly what all these interactions mean, and therefore allowing people to reflect on those before they then go off to the CABs to decide what is the best thing for them.
Pension Schemes Bill — House of Lords, 2015-01-27
Topic: Labor
Patricia Hollis (Labour, Centre-left): I am sorry to press this, and the noble Lord is being very generous in allowing me to intervene again. However, after following this Bill through, I do not know how these provisions will interact. I do not know whether it is okay to recycle your ISAs into pensions and carry on claiming full income-related benefits. This is not about guidance from the CABs. Unless the CABs know whether you are allowed to recycle your ISAs into pensions, how the hell can they give anybody any advice?
Pension Schemes Bill — House of Lords, 2015-01-27
Topic: Macroeconomics
Keith Bradley (Labour, Centre-left): I will be brief on this amendment because I share the concern of my noble friend Lady Hollis about the previous amendment, and I do not want to delay the Treasury Minister stamping his feet to get it sorted out as soon as possible This group contains amendments which, in their various ways, require the Treasury to publish updates on the key fiscal and behavioural effects caused by the freedoms and flexibilities introduced in this Bill and in the Taxation of Pensions Act. I wanted to return to the debate that we had in Committee and see whether this time I could convince the Minister of the importance of doing so. I hope that I am not unfairly characterising his argument in Committee by saying that the essence of it was that this is not necessary because the relevant data will be published elsewhere. He said that, "there is no need, in the Government’s view, for further reviews of the Exchequer impacts of the policy as the Government have already committed to keep these under review through the usual processes".—[Official Report, 12/1/15; col. 576.] There are two reasons why I still believe that these amendments represent a good additional way of tracking the effects of the policy. The first is that while the relevant data may be published elsewhere, a single document containing the Government’s assessment of the effects, specifically of the new freedoms and flexibilities, would be a welcome addition and require the Government to focus on the overall effects of the policy The Government are fond of talking about how significant and novel the changes are. In the foreword to the recent update the Chancellor wrote: "The government is introducing the most radical changes to pensions in almost a hundred years" It is therefore incumbent on the Government to go further than before in thoroughly monitoring the effects and ensuring the public have easy access to the information.
Pension Schemes Bill — House of Lords, 2015-01-27
Topic: Macroeconomics
Keith Bradley (Labour, Centre-left): I am grateful to the Minister for his response, particularly on that last point about the example I gave in Committee regarding salary sacrifice. I accept his assurance that, as far as he is aware, all possible scenarios in relation to salary sacrifice have been taken into account in the calculation of impacts on Exchequer revenues, and thank him for his offer to write to me if that is not comprehensively covered by the point I made in Committee I am obviously disappointed that the Minister is not prepared to bring all the issues together into one coherent document that would be available to the public and to Members in both Houses of Parliament for ease of analysis of that information. However, I am pleased that he has assured us that, as part of the process of monitoring, the behavioural effects will be taken into account, because the consequences of all these changes need to be very closely monitored. But, in light of the time and the urgency with which he needs to address many of the issues raised today on Report, I beg leave to withdraw the amendment.
Pension Schemes Bill — House of Lords, 2015-01-27
Topic: Labor
Keith Bradley (Labour, Centre-left): I am grateful to the Minister for his explanation. Clearly, it is important that the transfer provisions smoothly flow between this legislation and previous legislation to safeguard people’s benefits in their pension schemes. While I acknowledge the Minister’s comment that the amendments do not add even more regulations, in the scheme of things, this matter probably would not be something that we would be too concerned about because of the number of other matters that already have to be dealt with. However, that is the nature of the Bill—it relies heavily on regulations—so the explanation of these amendments is important in the overall scheme of the Bill.
Pension Schemes Bill — House of Lords, 2015-01-27
Topic: Law and Crime
Keith Bradley (Labour, Centre-left): It would not behove me well to challenge anything that the Supreme Court rules on, but I am sure that it is as relieved as we are that the regulations would be subject to affirmative resolution.
Small Business, Enterprise and Employment Bill — House of Lords, 2015-03-17
Topic: Law and Crime
Robert Stevenson (Labour, Centre-left): My Lords, it says in the Companion very clearly that Third Readings are mainly used for tidying up complicated parts of Bills that perhaps have eluded the draftsman or indeed are subject to a change in other places. The descriptions as made by the Minister clearly fulfil all aspects of that and we have no wish to enter into them I must say that I was slightly confused by the insertion and then removal and then the reinsertion but in a different way of the Legal Aid, Sentencing and Punishment of Offenders Act provision. However, the Minister has explained the reason for that in a private meeting and we are very happy with the provisions now.
Small Business, Enterprise and Employment Bill — House of Lords, 2015-03-17
Topic: Government Operations
Robert Stevenson (Labour, Centre-left): My Lords, this is a strange moment because exactly the same arguments and debates—indeed the same personnel—debated much the same amendment in the Deregulation Bill, as the Minister has explained. The result on that occasion was that the EHRC was not excluded from the Deregulation Bill. In a sense, the points made by the noble Lord, Lord Deben, are entirely correct. I think that we as a House are convinced that the Government do not wish any ill on the EHRC and wish to see its "A" status preserved. We have excluded it from this Bill—which had a small but important adjunct of policy which bit on the EHRC—but we have not excluded it from the Deregulation Bill, which covers a much larger area. Obviously the Minister has skills way beyond those with which she came into this House—and there were many when she arrived. She has gained in strength and capacity. She has been able to do the impossible in going round the magic circle of Cabinet committees in a record-breaking time and I congratulate her on this amendment.
Small Business, Enterprise and Employment Bill — House of Lords, 2015-03-17
Topic: Government Operations
Robert Stevenson (Labour, Centre-left): My Lords, this is very much a technical issue. The amendment responds to the recommendations by the DPRR Committee and satisfies in full that committee’s concerns. When the Minister introduced the amendment just a few seconds ago, he did not refer to the supplementary memorandum by BIS which was circulated recently by the committee relating to whether or not the Delegated Powers and Regulatory Reform Committee had in some way impinged on the powers of the Scottish Parliament on this matter. Can he add a few words just to make sure that the record is clear on that?
Corporation Tax (Northern Ireland) Bill — House of Lords, 2015-03-17
Topic: Macroeconomics
Thomas McAvoy (Labour, Centre-left): My Lords, the Labour Opposition welcome and support the Bill and will do everything we can to facilitate its passage. However, that does not mean that we are not looking for further answers to questions that were asked in the House of Commons The Minister mentioned action to prevent "brass-plating", as it has become known. We would like a bit more detail on how that would be stopped. She mentioned rebalancing the Northern Ireland economy. Concerns were expressed in the other place by the honourable Margaret Ritchie about regional imbalance within Northern Ireland, so that issue needs to be addressed. Before I go any further, I should indicate again that we fully support the Government in looking to the parties in the Northern Ireland Assembly to implement the Stormont agreement. That is part of the deal, and we support the Government in insisting that the Stormont House agreement be implemented Some concerns remain that we would like to probe a little further. When government Ministers were asked about the effect of the devolution of corporation tax on the block grant, there was no real response to that. I merely repeat the question that was asked in another place: why were no models done? For example, if corporation tax was set at level X, what would be the effect on the block grant? I do not think that is too demanding a question to ask. Models should have been drawn up so that folk could have a better grasp of what will transpire in this area I share the sober assessment that this measure will not solve Northern Ireland’s economic problems or provide the necessary rebalancing of its economy. However, it should be implemented to try to rebalance the economy, as the Minister mentioned I want to spend a few minutes on the trade-off between a reduction in corporation tax and spending cuts. The impact of this legislation will need careful managing to ensure that it does not benefit only already wealthy people at the top and does not further perpetuate existing income inequality in Northern Ireland. This should not become a rich man’s Bill The importance of funding education in Northern Ireland cannot be overstated. Without adequate investment in education and apprenticeships, jobs and productivity will never increase. If Northern Ireland reduces its corporation tax rate to that of the Republic of Ireland, it will lose at least £300 million from its block grant. That figure was given by the government Minister in the other place. I believe in devolution and giving the Stormont Assembly responsibility for running its affairs, but that agreement should contain safeguards to make sure that there is no dramatic effect on the services that have been mentioned. The devolution of corporation tax—
Corporation Tax (Northern Ireland) Bill — House of Lords, 2015-03-17
Topic: Macroeconomics
Bryan Davies (Labour, Centre-left): My Lords, we see that there is support in Northern Ireland for the Bill, which will give some chance of rebalancing the economy to a certain extent. We are in favour of that, but recognise that the development of the Northern Ireland economy, as with all the other parts of the United Kingdom, will depend on much more fundamental issues than the rate of corporation tax. That is why we regard this as a marginal Bill in these terms. However, it would be fruitless of us to object to it, although I accept his point about why we did not address ourselves to other issues, rather than the reduction of corporation tax. He will know, because he is so well informed on Labour Party policy, that we propose to increase the corporation tax rate for the rest of the United Kingdom, with the specific objective of reducing business rates for small and medium-sized businesses. We think that is a quicker and more effective way of giving stimulus to the business community. There we are: on two areas of policy, the noble Lord, Lord Forsyth, and I are in full agreement. I did not expect to say that this evening.