§ 2.38 p.m.
§ Baroness Turner of Camden asked her Majesty's Government:
§ What extra resources are to be made available to the Occupational Pensions Advisory Service in view of its proposed additional responsibilities for pensions.
§ The Parliamentary Under-Secretary of State, Department of Social Security (Lord Henley)My Lords, my right honourable friend the Secretary of State for Social Security has said that the activities of the Occupational Pensions Advisory Service need to be funded more securely. We are actively considering how best to achieve that.
§ Baroness Turner of CamdenMy Lords, while I thank the Minister for that response is he aware that OPAS, which does a very good job on a purely voluntary basis, is currently suffering from additional financial constraints due to the fact that there has been some publicity about the Government's intentions in relation to OPAS for the future which has meant that to some extent voluntary donations have dried up? Is the Minister prepared to give consideration to some interim assistance?
§ Lord HenleyMy Lords, I thank the noble Baroness for her words about OPAS. I know that the noble Baroness knows a great deal about OPAS as she is a long-serving trustee of the organisation. We understand that its finances are, frankly, precarious, as my right honourable friend the Secretary of State put it in his speech to the Society of Pension Consultants some time ago. He went on:
We must put them on a sound basis so that its future is guaranteed".That is a matter that we shall continue to discuss with the industry. However, we are not in a position to say what conclusions we have reached.