HC Deb 20 March 2002 vol 382 cc419-20W
John Mann

To ask the Secretary of State for Work and Pensions what plans he has to promote understanding of the importance of pension provision among young people. [37117]

Malcolm Wicks

The Government are committed to promoting the importance of pension provision to young people—as well as other groups.

The Government"s pension education strategy includes providing information to people about their pension provision through pension forecasts, raising awareness of retirement planning through a publicity campaign. This includes activity aimed at young people, such as: advertising in publications and during TV programmes whose readership or viewers include a high number of young people; specific direct marketing activity for young people such as a targeted newspaper insert and direct mail to young people, and testing new ways to get information out to the public, for example through an interactive digital television pilot—due to launch this spring, which will have a section dedicated to a younger audience.

In addition, my Department continues to liaise with other Government Departments, the Financial Services Authority, employers, private pension providers and other organisations and groups to improve the way we provide pension information to consumers—including young people.

Mr. Cousins

To ask the Secretary of State for Work and Pensions if he will estimate how much exists in purchase pension pots that were annuitised in each of the last five years; and how much he expects will be annuitised in the next five years. [37031]

Maria Eagle

The information is not available as requested.

The latest available information on the value of annuities sold is in the tables. This information is from the Association of British Insurers (ABI), and the values quoted are in cash terms prices. The figures are for all annuities purchased—which will include those purchased by pension funds which are not money purchase. However most annuities will have been sold to money purchase occupational pension funds and to individuals converting personal pensions.

We do not have any information as to how much we expect will be annuitised in the next five years.

Value of new annuities (in cash terms)
Year £ million
1996 3,394
1997 3,944
1998 5,755
1999 5,716
2000 5,708


Figures taken from ABI publication.

Quarterly press release—long term annual figures.