§ Mr. John GreenwayTo ask the Chancellor of the Exchequer whether, in the light of the lack of prior notice to the pensions industry about the measures contained in clause 53 of the Finance Bill, he will issue a press notice stating whether he is considering any further change to pensions legislation before the 1 July implementation date for personal pensions; and if he will make a statement.
§ Mr. Norman Lamont[holding answer 25 April 1988]: All but one of the measures contained in clause 53 were announced on Budget day. But the proposal—which has been widely welcomed—to allow members of occupational schemes to contract-out of the state earnings-related pension scheme through a personal pension could not then be announced as it was still under discussion between my Department and the Department of Health and Social Security. My right hon. Friend the Secretary of State will shortly be making consequential changes to social security regulations.