§ Mrs. Beckettasked the Secretary of State for Social Services what steps he is taking to ensure that independent advice is available to anyone considering whether to contribute to a personal pension scheme.
492W
§ Mrs. Beckettasked the Secretary of State for Social Services if he will classify awards of severe disablement allowance to (a) men, (b) single women and (c) married women according to whether they (i) were exempt from the 80 per cent. test on the grounds of age, (ii) were passported to the 80 per cent. test or (iii) passed the 80 per cent. test.
§ Mr. ScottRules made under the Financial Services Act will impose stringent requirements on investment businesses, including firms advising on and selling personal pensions in the form of insurance policies and authorised unit trusts. The rules aim at ensuring high standards of integrity, fairness and skill in dealing with customers and the provision of adequate information to individuals contemplating taking out a personal pension. In particular, the rules will require firms advising on and selling life insurance policies and authorised unit trusts to do so either as representatives of a single company or group or on a fully independent basis and to make their status clear. Banks and building societies, who may provide deposit-based personal pensions, are already regulated under separate legislation: as noted in the Department's policy statement "Investor Protection Requirements for Personal and Occupational Pension Schemes", published in April, these arrangements are being supplemented by special measures in relation to personal pensions.