§ Mr. SpringTo ask the Secretary of State for Social Security what plans he has to ensure that personal pension schemes allocate minimum contributions to investors' accounts without delay. [31859]
§ Mr. ArbuthnotThe Personal Pensions Schemes (Appropriate Schemes) Regulations 1988 require providers to ensure that national insurance minimum contributions received from the Department of Social Security are used to provide money purchase benefits for the individual investor. However, there is no requirement on them to do so within a set period of time. I have today laid before Parliament amendment regulations which require the rules of all appropriate personal pensions schemes to provide for the allocation of minimum contributions to individual investors' accounts within three months of receipt from this Department. The Occupational Pensions Board has decided to reinforce this requirement by a change in its own rules.