§ Mr. WillettsTo ask the Secretary of State for Social Security if stakeholder pensions are intended for(a) moderate and high earners and (b) low earners. [121527]
§ Mr. DarlingThe Pensions Green Paper "A new contract for welfare: partnership in pensions", published in December 1998, set out that stakeholder pension schemes will be open to everyone.
Stakeholder pensions are primarily intended for moderate earners—those earning between about £10,000 and £20,000 a year—but many higher earners will also be able to take advantage of the lower charges, greater flexibility, and simpler tax regime which stakeholder pension schemes will introduce.
The Green Paper also describes our proposals to introduce the State Second Pension. This will specifically benefit low earners on incomes of less than £10,000 a year.