SERPS (Hansard, 15 July 1997)

§ Mr. Gale
To ask the Secretary of State for Social Security, pursuant to his oral statement of 9 July,Official Report, column 1037, if SERPS will continue and expand in line with demand from all those that wish to remain members of the scheme; and if he will make a statement. [8590]

§ Mr. Denham
The forthcoming Pensions Review will look at all aspects of pensions provision. We will retain SERPS for those who wish to remain members of it.

§ Mr. Gale
To ask the Secretary of State for Social Security, pursuant to his oral statement of 9 July,Official Report, column 1037, what firm proposals he has to enable pensioners to belong to a pension scheme that is flexible, secure, gives value for money and does not reduce people's savings if they become unemployed; what price formula he intends to use when increasing the basic state pension in line with prices; how long he expects his Department's wide ranging review of pensions to take; and if he will list the organisations that will be consulted. [8591]

§ Mr. Denham
The Government is committed to the development of stakeholder pensions, which will be good quality second pension schemes. They will allow those without access to occupational schemes to invest their contributions in a secure, flexible and value for money pension. A framework for stakeholder pensions will be developed in close consultation with potential pension providers and representatives of employers, employees and the self-employed. We will also build on the good quality second pensions that many employees enjoy by supporting the existing framework of occupational pensions.
My right hon. friend the Secretary of States, will shortly announce details of the Pensions Review, including when it will report.
As part of the review, we will engage in a process of wide ranging consultation. We will involve all key players, including employers, employees, the pensions industry, and pensioners' organisations. The Government will ensure that the views of pensioners are heard.
My right hon. Friend is required to review annually the value of Basic Retirement Pension to determine whether it has retained its value in relation to the general level of prices. The results of that review will be announced in due course. We will retain the Basic State Retirement Pension as the foundation of pension provision, increasing it as least in line with prices.