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WRITTEN QUESTION TO THE MINISTER FOR SOCIAL SECURITY BY DEPUTY J.M. MAON OF ST. SAVIOUR
ANSWER TO BE TABLED ON TUESDAY 22nd MARCH 2016
Question
Will the Minister outline the timetable for proposals for work-based pensions to include –
- Green paper stage
- White paper stage
- Scrutiny review period
- Amendments post scrutiny review
- Lodging for debate
- Debate
Answer
As set out in the MTFP approved by the States last year, a review of the Social Security Fund is currently in the preliminary planning stage.
The MTFP (page 129) also confirms that:
During the course of this MTFP, the Social Security Department will also work with the Treasury and Resources Department to promote financial independence in old age, and to encourage a higher proportion of workers to take up occupational pensions. For example, this could be achieved through changes in income tax or benefit rules, as well as the promotion of work-based pension schemes aimed at lower earners.
The theme of income in old age will be a key component of the Social Security review and the two strands of work will proceed in parallel.
The Health and Social Security Scrutiny Panel were given initial details of this work at the quarterly hearing held on 3 March 2016. Engagement and consultation will start later this year and, depending on the outcomes, proposals will be reviewed by the Scrutiny Panel and then brought to the Assembly for approval.