§ Mr. Carterasked the Secretary of State for Social Services whether all private pensions schemes will be supervised by the proposed Occupational Pensions Board.
§ Mr. DeanWe envisage that the Occupational Pensions Board will supervise those schemes which are or have been recognised for the purposes of exemption from the State reserve scheme. The Board will also be empowered to secure compliance with the requirements relating to the preservation of occupational pension rights on change of employment; we propose that these requirements should apply to all occupational pension schemes in which the employees have an enforceable right to the benefits and the employer contributes at least part of the cost.
§ Mr. Carterasked the Secretary of State for Social Services if he will list the legislation under which private pension funds are regulated and controlled.
§ Mr. DeanThere is no general statutory provision for regulating and controlling private pension funds, but the National Insurance Act, 1965, lays down conditions under which occupational pension schemes can be used for the purposes of contracting out from the State graduated pension scheme, and the Superannuation and other Trust Funds (Validation) Act, 1927, exempts certain schemes which register with the Chief Registrar100W of Friendly Societies from the rule of law relating to perpetuities. Rules for the tax treatment of occupational pension schemes are laid down in the Income and Corporation Taxes Act, 1970, and the Finance Acts, 1970 and 1971.