§ Mr. WebbTo ask the Secretary of State for Work and Pensions if he will estimate the number of companies under the regulations introduced on 8 October 2001 that(a) are obliged to provide and (b) have so far failed to offer, access to a stakeholder scheme; and what plans he has to ensure that employers who have not complied with the requirement to offer a stakeholder scheme, do so. [84620]
§ Mr. McCartneyIt is broadly estimated that around 350,000 firms are required to provide their employees with access to a stakeholder pension scheme. Latest data504W from the Association of British Insurers reveals that 335,719 employers had designated a stakeholder pension scheme by the end of September 2002. This suggests a compliance rate of over 90 per cent.
The Occupational Pensions Regulatory Authority (Opra) is the body responsible for regulating compliance with the workplace access requirements in respect of stakeholder pension schemes. Opra will continue to follow up all reports of non-compliance and will take action where compliance has not been achieved. It is also looking into ways to identify employers who have not yet complied with the requirements. It has begun writing to employers to ascertain whether or not they have any pension provision, and whether this pension provision would exempt them from offering access to a stakeholder pension scheme. Where Opra identifies non-compliant employers it will actively pursue such cases.