§ Mr. FlynnTo ask the Secretary of State for Social Security what are the membership and functions of the joint working group on occupational and personal pensions; when it was set up; if he will place a record of its proceedings in the Library; and whether it has considered the need for advice to members of personal and other money-purchase pension schemes on the age at which they should consider discontinuing their contributions to those schemes.
§ Mrs. Gillian ShephardThe occupational pensions schemes joint working group was set up and is run by representative bodies in the pensions industry. Its members are the Association of British Insurers, the Association of Consulting Actuaries, the National Association of Pension Funds and the Society of Pensions Consultants. Neither my right hon. Friend the Secretary of State for Social Security nor departmental officials have any involvement with the group. Inquiries concerning group proceedings should be directed to the group members.
Quite separately, from time to time officials in the Department consult representatives of various organisations concerned with occupational and personal pensions through a consultative group which meets when the need arises. The bodies circulated are the following:
Discussions are informal. No minutes are kept.
- Association of British Insurers
- Association of Consulting Actuaries
- Association of Pension Lawyers
- British Bankers Association
- Building Society Association
- Friendly Societies Liaison Committee
- Government Actuary's Department
- Inland Revenue
- National Association of Pension Funds
- Nationalised Industries Pension Group
- Occupational Pensions Board
- Securities and Investments Board
- Security of Pensions Consultants
- Unit Trust Association
On the question of advice to pension scheme members, it is for an individual member of an occupational or personal pension scheme to seek advice appropriate to his or her needs.