§ Mr. Meacher
To ask the Secretary of State for Social Security pursuant to his statement on the contracting-out rebate on 27 February,Official Report, column 1131, if he will give, for men and women separately, the age at which it would be wise to opt back into the state earnings-related pension scheme after April 1993 assuming (a) a 4.8 per cent. rebate and (b) a 4.8 per cent. rebate and a one per cent. age related rebate for the over-30s.
§ Miss Widdecombe
The circumstances of the person concerned and the precise terms of the personal pension contract they are considering will vary from one individual to another. It is not possible to give the general advice requested. In the case of personal pension schemes which are investments as defined in the Financial Services Act 1986, persons regulated by bodies under that Act have a duty to provide best advice on such products. Anyone wishing to establish his or her own position should seek advice appropriate to their needs.
§ Mr. Meacher
To ask the Secretary of State for Social Security pursuant to his statement on the contracting-out rebate for 1993 on 27 February,Official Report, column 1131, if he will give, for each year covered by the statement, the cost in reduced revenue to the national insurance fund on (a) the 4.8 per cent. rebate and (b) the age-related 1 per cent. incentive, at 1991–92 prices.
§ Mr. Jack
The information requested is given in the table which recognises the time-lag in the payment to providers of the amounts in respect of personal pensions and the cost to the national insurance fund appears in the year following that in which contributions are paid.
The information requested is given in 1991–92 prices.
£ billion 1993–94 1994–95 1995–96 1996–97 4.8 per cent. rebate for occupational schemes 4.6 5.3 5.4 — 4.8 per cent. rebate for personal pensions — 1.7 1.8 1.8 1 per cent. addition for personal pension holders — 0.2 0.2 0.2
These estimates are based on the assumption of 5 million personal pension optants in each year and have been rounded to one decimal place.