Pensions (Hansard, 21 May 1996)

§ 16. Mrs. Gorman
To ask the Secretary of State for Social Security if he will make a statement on the level of pension contributions in(a) the United Kingdom and (b) other EU countries. [28820]

§ Mr. Heald
In 1994, employers and employees contributed almost £30 billion to occupational and personal pension schemes in the United Kingdom. It is this level of commitment that has generated pension funds of nearly £600 billion—substantially more than is invested in all the other countries in the European Union put together.

§ 18. Mr. Fabricant
To ask the Secretary of State for Social Security if he will make a statement concerning the level of funds currently held in the United Kingdom for private pension provision; and what assessment he has made of the level of funding relative to that in other European Union countries. [28822]

§ Mr. Heald
In 1993, the total value of funds in private pension schemes in the United Kingdom was nearly £600 billion. This is substantially more than the latest estimate of the level of funds in all the other countries in the European Union put together.

Dunn
25. Mr. To ask the Secretary of State for Social Security what proportion of the retired population will have occupational pensions by 2006. [28829]

§ Mr. Heald
The information is not available in the form requested. The Department's pensioner incomes simulation model projects that in 2010 more than 75 per cent. of178W pensioner units will be in receipt of payments from an occupational pension.
Details of the methodology and assumptions used in the model, and a brief overview of basic results, will appear in a technical paper to be released shortly.
Notes:
For the purposes of PENSIM, a pensioner unit is defined as a single pensioner over state pension age in 2010, or a couple with at least one partner over state pension age.

§ Mr. Cox
To ask the Secretary of State for Social Security what is the number of pensioners over the age of 80 years, who receive the extra 25p per week on their state retirement pension. [29992]

§ Mr. Heald
At 30 September 1995, there were 2.4 million people over age 80 who received the 25p age addition to their state retirement pension.
Source:
5 per cent. sample of the pension strategy computer system.
Notes:
1. All people in receipt of the state retirement pension aged 80 or over, including people who qualify for a non-contributory retirement pension, receive the 25p addition.
2. The figure is rounded to the nearest 0.1 million.