§ Mr. Waltersasked the Secretary of State for Social Services (1) what information he has as to how many people do not receive a proportionate pension for service on retirement, due to a change of employment during their career;
(2) what information he has as to the percentage of the pensionable population who do not receive a proportionate pension for service on retirement owing to a change in employment during their career.
§ Mr. WhitneyDetails of the number of people who do not receive a proportionate pension for service on retirement due to a change of employment during their career are not available. In his 1979 survey of occupational pensions schemes, the Government Actuary estimated an annual turnover of some 1 million scheme members, which is equivalent to about 10 per cent.
The effect on eventual pension of people who change employment depends on the rules of the individual pension scheme. However, we accept that people who change jobs often lose in terms of their pension. That is why we have taken steps in the Social Security Bill to require schemes to revalue preserved pensions for future early leavers in 408W line with prices up to 5 per cent. a year compound. We are also giving future early leavers the right to take a transfer if they prefer that to a preserved pension.