§ Mr. Tim SmithTo ask the Chancellor of the Exchequer how many applications for approval of occupational pension schemes were received by the Inland Revenue; and622W how many were approved in each year since 1988–89; and what was the cost per scheme of approving(a) insured schemes,(b) large self-administered schemes and(c) small self-administered schemes in 1990–91.
§ Mr. MaudeThe number of applications received and approvals given since 1988–89 are as follows:
1988–89 1989–90 1990–91 11991–92 Number of applications 57,328 50,251 32,347 19,281 Number of final approvals 20,780 30,082 14,178 12,144 1To 31 October. The difference between the numbers of applications and approvals each year is largely a reflection of the need for schemes to amend their rules to comply with recent legislation before they can be approved.
It is not possible to provide a precise cost for approving schemes. Many pension schemes are not capable of approval in the same year that an application is received. Estimated costs for each type of scheme, based on a recent sample of approvals work, are:
Cost per scheme £ (a) Insured schemes 19 (b) Large self-administered schemes 173 (c) Small self-administered schemes 205