Defined Benefit

Shadow pensions minister Gregg McClymont has denied voting against auto-enrolment and called on the government to legislate on enhanced transfer value (ETV) exercises.

The week McClymont assumed his role, he was accused of voting against auto-enrolment by a number of commentators. Speaking to PW, however, he called the allegation “utter nonsense”.

“The Labour Party voted against the pensions bill at the second reading, largely because of the impact on the 1955 women’scohort [who were affected by the change in state pension age] – that shows up as voted against auto-enrolment,” he said.

“It’s as simple as that.” McClymont insisted he was in fact in favour of auto-enrolment and intended to study the European, Australian, New Zealand and American pensions  reforms over the coming weeks to provide a compariso.

The gauntlet was also thrown down to pensions minister Steve Webb after his strong statements on ETVs and the need for a single-tier state pension.

McClymont made it clear that while he respected Webb, pensions minister is not a cabinet position, and therefore his arguments may fall on deaf ears.

“If the government’s serious about making sure [the ETV] process is fair, there may need to be legislation,” he said.

“If that’s the case what you have to consider is, can a pensions minister get that through?”

Credit: Charlie Thomas