§ Mr. FlynnTo ask the Secretary of State for Social Security what is his latest estimate of the total sum expended by his Department on incentive payments to those opting into personal pensions.
§ Mr. ArbuthnotThe most recent published, audited figure on the cost to the national insurance fund of incentive payments for those opting out of SERPS into appropriate personal pensions for the period 1988 to 1993 is £2.4 billion, up to the end of 1992–93.
The Government Actuary's report on the contributions uprating order for 1994–95 estimated to total additional cost for 1993–94 and 1994–95 as £0.7 billion.