“That is a very important question. We need to make sure that those who will retire in 2050 can look forward to the same kind of comfortable retirements that many—not all, but many—of today’s pensioners enjoy, and the honest answer is that we are not on track for that at the moment. This Government are taking a two-stage approach. We are driving up returns on pension savings now—that is what the Pensions Schemes Act 2026 does—but we are also doing the longer-term work through the Pensions Commission to look at exactly the question of how we make sure that tomorrow’s pensioners can enjoy comfortable retirements. I promise that the commission will bring forward its report early next year.”
Spoke in 64 debatesAsked 68 questions
Government Finances
National Savings & Investments
“The right hon. Gentleman was a Treasury Minister for some duration, so he brings experience on these issues. He is right to say that, when it comes to an Executive agency such as this one, Ministers’ job is to receive assurance and provide strategic direction, so let me just say a bit about how we have been thinking about that. In terms of assurance, I have asked in the shorter term for written attestation not just from NS&I but from the providers that do most of the customer-facing work in that organisation. I have asked for assurances from the current provider that we will not see any such mistakes going forward, and, as I said, I have asked Atos—the previous provider—to provide attestation that it will co-operate fully, given that it was the provider throughout the entirety of the last Government, until 2025. I hope that that gives the right hon. Gentleman some assurance about how we are seeking assurances. More broadly—this is a slightly separate issue, but I think it is relevant to the question of the organisation’s leadership—the right hon. Gentleman is right to raise the challenges in the transformation programme, which started in 2020 but has gone far too slowly and over budget, as the Public Accounts Committee has made abundantly clear. We have already put David Goldstone, the former chief operating officer at the Ministry of Defence, in to support that programme of work—we need to ensure that it is back on track. We will update the Select Committee—and the right hon. Gentleman, if he would like—about that process of work.”