Occupational Pensions (Hansard, 17 December 1984)

§ Mr. Sayeed
asked the Secretary of State for Social Services what proportion of retirement pensioners have occupational pensions.

§ Mr. Whitney
The latest available figures taken from the 1982 family expenditure survey showed that 60 per cent. of men aged 65 and over and 21 per cent. of women aged 60 and over had occupational pensions. Overall, 35 per cent. of people over state retirement age were then in receipt of occupational pensions.

§ Mr. Galley
asked the Secretary of State for Social Services what information about individual occupational pension schemes is held by the Occupational Pensions Board.

§ Mr. Whitney
The Occupational Pensions Board maintains joint files with the superannuation funds office of the Inland Revenue. However the board's primary concern is with occupational pension schemes which are contracted-out from the state earnings-related pension scheme. Although these cover about 90 per cent. of scheme members, they account for only about 15 per cent. of all current schemes.
When a scheme first seeks approval under the Finance Acts or applies for contracted-out status, it is required to submit a copy of its deeds and rules. Contracted-out schemes are also required to submit, for the Occupational Pensions Board's approval, any proposed amendment to their deeds and rules which might affect their contracted-out status; and they must also supply regular actuarial certificates confirming the continuing solvency of the scheme with respect to its contracted-out liabilities.
Self-administered schemes which are contracted-out must provide the board with an annual statement confirming that the accounts are complete and have been audited, that contributions have been paid in accordance with the scheme actuary's recommendations, and that the actuary is aware of any substantial changes relevant to his 52W current certificate. The statement must also indicate the extent of any self-investment or concentration of investment of scheme assets.
In the case of insured schemes which are contracted-out, the board requires an annual statement from the life office concerned confirming that premiums have been paid as required by the scheme actuary and that the membership details held by the life office are up to date. Contracted-out schemes are also required to notify the Occupational Pensions Board of any changes to the scheme name, employer's name, or the participating employers. They must also tell the board if the scheme is wound up.
There are no other requirements on schemes to keep the information held by the Occupational Pensions Board up to date or to submit annual reports or other information. Some information is submitted voluntarily by schemes seeking advice on whether they are complying with the statutory requirements for preservation of benefits for early leavers and equal access to schemes for men and women.