§ Ms StuartTo ask the Secretary of State for Social Security what was the cost of administering the contracting out of SERPS in the last year for which figures are available. [52379]
§ Mr. DenhamThe Contributions Agency's (CA) Contracted-Out Employments Group (COEG) administers the arrangements for employees who are contracted out of the State Earnings Related Pension Scheme (SERPS) and is responsible for ensuring that the pension rights of such employees are accurately recorded, maintained and safeguarded. This involves the approval and supervision of contracted-out occupational and appropriate personal pension schemes, dealing with notifications relating to scheme membership, and overseeing the payment of contracted-out rebates.
COEG' s administration costs for the 1997–98 year amounted to £10.926m.
§ Ms StuartTo ask the Secretary of State for Social Security what was the cost to her Department of funding the contracted out element of SERPS in the last year for which figures are available. [52376]
§ Mr. DenhamIn 1996–97, the last year for which figures are available, the cost of funding the contracted-out element of SERPS was £7.368 billion.