§ Mr. WillettsTo ask the Secretary of State for Social Security how many pension schemes of companies that have(a) gone into liquidation and (b) otherwise ceased to exist are awaiting regulatory approval for their winding-up. [119950]
§ Mr. RookerThere is no system of regulatory approval for pension schemes that wind-up. The Inland Revenue gives approval in respect of arrangements made by the trustees to secure the pension rights when a scheme ceases to be contracted-out of the State Earnings Related Pension Schemes (SERPS). There are about 24,000 schemes in the process of ceasing to contract out. Many of them will also be winding-up. No information is available about schemes winding up because the sponsoring employer is insolvent.