§ Mr. WebbTo ask the Chancellor of the Exchequer what estimate is provided by his Department's Survey of Personal Incomes of(a) the number of people making contributions in excess of £3,600 per year and (b) the average contribution of those persons to (i) personal pensions and (ii) occupational pension schemes. [76244]
§ Ms HewittOf the 14 million people currently making extra provision to voluntary private pensions above the compulsory minimum, around 2½ per cent. make contributions in excess of £3,600.
Approximate information for those contributions in 1996–97 is in the table.
Contributions in excess of £3, 600 per year to pensions Number of people Average contribution (£) Personal pensions 230,000 8,800 Occupational pensions 120,000 6,200 Notes:
1. Estimates should be treated with caution since contributions to occupational pensions and net personal pension arrangements are not directly measured by the Survey of Personal Incomes and have been modelled from other survey and administrative information.
2. Personal pensions includes contributions to retirement annuity contracts, but excludes 'minimum contributions' by DSS to appropriate personal pension schemes and contributions made by employers.
3. Occupational pensions excludes contributions made by employers, but includes free-standing additional voluntary contributions.
4. Covers contributions made by employees and the self-employed.
5. Includes basic rate tax repaid to scheme administrators in respect of contributions made by employees to personal pensions under net contribution arrangements.
6. Figures are rounded to the nearest 10,000 people and £100 respectively, although they are not necessarily accurate to that degree.