HC Deb 20 February 1996 vol 272 c121W
13. Mrs. Lait

To ask the Secretary of State for Social Security how many people now have the rights to a private pension. [14363]

Mr. Heald

The latest estimates are that there are more than 20 million people in the country with rights to an occupational pension, and more than 8 million personal pensions. In 1993, the total value of funds in occupational and personal pensions was approaching £600 billion.

19. Mr. Peter Atkinson

To ask the Secretary of State for Social Security what is the total sum invested in funded private pensions in the United Kingdom; and what are the equivalent figures in other EU member states. [14369]

Mr. Heald

In 1993, the total value of funds in funded pension schemes in the United Kingdom was nearly £600 billion. This is substantially more than the latest estimate of £480 billion for all the other countries in the European Union.

Table B: Rebates to appropriate personal pension schemes from 1988–89 to 1993–94
£ million
Amount of rebate
Year Primary (Employee) Secondary (Employer) Total Cumulative total
1988–89 99 190 289 289
1989–90 587 1,116 1,703 1,992
1990–91 504 958 1,462 3,454
1991–92 600 1,139 1,739 5,193
1992–93 654 1,243 1,897 7,090
1993–94 707 1,344 2,051 9,141


1. 1993–94 is the latest year for which published audited accounts are available.

2. The table shows the cost of providing relief (rebates) from employers' national insurance contributions and for completeness, the cost of providing rebates on the employees' contribution as well as the overall total cost.

3. The figures showing the "Total" cost are taken from the published audited accounts of the national insurance fund, and show the amount of rebates paid over to providers of APPs in each of the relevant tax years up to and including 1993–94. The breakdown between the "Employee" and the "Employer" has been estimated by the Government Actuary's Department.

4. These rebates (along with any income tax relief, incentives and appropriate additions) are paid over to the pension providers in arrears following the end of the tax year in which the relevant earnings were paid.


Government Actuary's Department based on national insurance fund accounts.