§ Mr. SheermanTo ask the Secretary of State for Social Security what incentives he plans to introduce to encourage individuals to contribute to company pension schemes. [18850]
§ Mr. HealdMeasures to be introduced under the Pensions Act 1995 will enhance the security of occupational pension schemes, increasing pubic confidence in them. Members of occupational schemes contracted out of the state earnings-related pension scheme pay lower rates of national insurance contributions. Tax relief is given on individual contributions to occupational schemes, including additional voluntary contributions. Similarly, national insurance rebates and tax relief are available to employees in individually-arranged and group personal pension schemes. The Department of Social Security is developing a range of material explaining the benefits of planning early for retirement and providing pensions information in plain English for employers, the public and the pensions world.