§ 44. Mr. David MartinTo ask the Secretary of State for Social Security what new choices his Department has now made available for people to provide for their own retirement.
§ Mr. Peter LloydInstead of remaining in SERPS or in an employer's pension scheme, employees are now able to choose their own personal pension scheme. For those who are in an employer's scheme there is the opportunity to make extra contributions to a separate pension plan of their own (a freestanding additional voluntary contribution), or to make such contributions to an employer's448W scheme, which is obliged to accept them. We have also made it easier for employers to set up pensions schemes for their employees, including a new money purchase scheme.