§ Mr. Nicholas Wintertonasked the Chancellor of the Exchequer how many people have contributed to pension schemes for which income tax is reclaimable on contributions in each of the last three years for which figures are available.
§ Mr. Moore[pursuant to his reply, 13 December 1984, c. 574]: It is estimated that there are currently some 11.5 million employees contributing to occupational pension schemes and about 0.75 million people paying premiums under retirement annuity contracts. Relief from income tax is available in respect of these payments. I regret that figures for individual years are not available.
§ Mr. Nicholas Wintertonasked the Chancellor of the Exchequer how many pension schemes have been in operation for each of the last five years for which figures are available, from which, under present regulations, lump sum payments would be tax-free.
§ Mr. Moore[pursuant to his reply, 13 December 1984, c. 574]: Virtually all occupational pension schemes and retirement annuity contracts allow for the payment of a lump sum on retirement (within certain limits) which is tax-free under present arrangements. There is no precise definition of what constitutes a "scheme"; but the sixth survey of occupational pension schemes by the Government Actuary estimated that there were about 90,000 employee-based schemes in 1979.