Torsten Bell is now Pension Minister. When he did this interview he had just become an MP. Thanks to John Mather for sending it me on the day he delivered a Pensions Bill for which he will be remembered. He is an exceptional person rather stuck in an obscure part of Government as a junior minister.
If you listen to this, you will understand why I think pensions are lucky to have a deep thinker who is articulate and passionate. It is rare that a department gets lucky and the DWP are lucky right now (they share him with the Treasury). But we now have a Pension Minister who has something to talk about so I hope he does another interview very soon, because I want to hear him talking bout the Workplace Pensions Roadmap.
If you look at the WPSC evidence meeting this week you will read what Torstein said at the very end of a two hour session about pre 97 and the difficulties in resolving because of the Government Accounts where it would appear the surplus appears . THIS IS SO VERY IMPORTANT TO THE FAS members in their 70s and 80s who are seeing their so called FAS 90% falling to 50% or less
A reply would be appreciated
Terry Monk
Pensions Action Group
https://parliamentlive.tv/event/index/8e13e406-a011-429c-b985-57cc71d1d9fa
Bell says “I’m aware. I’m looking at it. But the public finance implications are more complicated than [the chair of the WPC] set out…”
If you don’t want to sit (or fast forward) through 90 minutes of testimony, the chair of the WPC contrasted the £12bn reported surplus of the PPF with an estimated cost of FAS compensation of £93m.
We’re still looking at you then, Mr Bell.
And while we’re still watching and waiting…
I’d personally prioritise giving WASPI top-ups of (on average) £2,950 to any more still getting winter fuel and similar benefits.
Others may disagree.
Rachel and Sir Keir, however, say the money’s not there, but it was.
The National Insurance “Fund” (budgeted to have one-sixth of the annual benefits spend as a working balance at all times) at the 2024 fiscal year-end was £86bn, two-thirds of annual spend, four times the budget working balance.
HM Treasury had also set aside another £6.5bn, if needed.
The forecast balance in 2025 was slightly lower at £76bn, but it’s projected to increase to £81.6bn by March 2026.
WASPI comp at an average of £2,950 only needs £10bn.