§ Mr. Khabra
To ask the Secretary of State for Social Security if he will estimate the cumulative effect on the national insurance fund of contracting out and incentive payments for appropriate personal pensions since 1986, giving also an annual cost for the most recent available full year.
§ Mr. Arbuthnot
The information is not available in the form requested. The most recent published, audited figure on the cost to the national insurance fund of rebates and incentives for appropriate personal pensions, and incentive payments to other types of newly contracted out pension schemes is £9.9 billion up to the end of 1992–93. This includes £2.7 billion for the 1992–93 tax year.
The Government Actuary's report on the contributions uprating order for 1994–95 estimated the costs for 1993–94 and 1994–95 as £2.8 billion and £1.9 billion respectively.