§ Sir Brandon Rhys Williams
asked the Chancellor of the Exchequer what is his estimate of the current value of the funds held by private schemes to provide retirement benefits for the self-employed and for employees entitled to subscribe to such schemes with the benefit of tax exemption; and what is the value of the funds held for employees in approved private sector occupational schemes.
§ Mr. Moore
I regret the delay in replying. Total net assets of superannuation funds established by private sector employers were about £62.5 billion at the end of 1983. In addition, some 40 per cent. of the £95.9 billion net assets of long-term insurance funds is estimated to relate to pension business, including personal pensions. I regret that it is not possible to provide a reliable estimate of the value of assets corresponding to personal pensions. In 1983, however, about 20 per cent. of premiums received by life assurance companies in respect of pension business related to personal pensions.