§ Mrs. Beckett
To ask the Secretary of State for Social Security what factors account for the difference between the estimates of the revenue forgone by the national insurance fund in respect of minimum contributions to personal pension schemes in 1989–90 given in replies to the hon. Member for Derby, South on 17 July,Official Report, column 42, and 30 October, column 51.
§ Mrs. Gillian Shephard
My reply to the hon. Member of 30 October at column51 provided the latest estimate of revenue forgone in respect of personal pensions—that is, the rebate together with the incentive. The reply given to the hon. Member on 17 July at column 42 related only to the cost of the rebate for personal pensions. Information about the cost of the incentive (covering both personal pension and occupational schemes) had been provided to her on 4 July at column 140. The direct comparison between the replies of 17 July and 30 October is that revenue foregone in respect of personal pensions in 1989–90 is now estimated to be £1,860 million instead of £2,050 million. The Government Actuary revised his figures in the light of new estimates about the numbers and earnings levels of those taking out a personal pension.