Personal Pension Plans

HC Deb 23 June 1992 vol 210 cc138-9W

Mr. Cousins

To ask the Secretary of State for Social Security if he will state the annual sums paid to providers of personal pension plans under the Social Security Act 1986 in respect of rebates and subsidies for contracting out of the state earnings-related pension scheme in each of the financial years including 1991–92 that the Act has been in force.

Miss Widdecombe

The information is in the table.

Payments in respect of personal pensions used for contracting out of SERPS
Year of payment	NI rebates £ million	Incentives £ million	Tax refund £ million	Total £ million
1988–89	295	1—	37	332
1989–90	1,712	685	205	2,602
1990–91	1,492	512	172	2,176
1991–92	1,777	599	204	2,580
Totals	5,276	1,796	618	7,690

¹ First payments of the incentive were made in April 1989.

Source: Contributions Agency: 100 per cent. count of payments made.