§ Mr. McCrindleasked the Secretary of State for Social Services if it is his policy to encourage or to permit the early retirement of persons in contracted-out private pension schemes; if he will discuss the matter with the Chairman of the Occupational Pensions Board; and if he will make a statement.
§ Mr. OrmeThere is nothing in the Social Security Pensions Act to prevent schemes from having early retirement rules, and the Occupational Pensions Board has stated that, with certain safeguards, it will accept them. The accrued guaranteed minimum pension rights of contracted-out employees will, however, have to be revalued annually by the pension scheme in the normal way up to State pensionable age. My right hon. Friend and I have no plans to discuss the question with the Chairman of the Occupational Pensions Board.