§ 29. Mr. GibbTo ask the Secretary of State for Social Security what estimate she has made of the average extra cost to the members of occupational contracted-out money purchase schemes as a result of the decrease in the state earnings-related pension scheme rebate if funds are to be maintained at the same level. [34072]
§ Mr. DenhamThe reduction in the amount of rebate for individual Contracted Out Money Purchase (COMP) Scheme members is dependent on a number of factors and will vary according to age and earnings levels.
However, for the tax year 1999–2000 it is estimated that the reduction for an average COMP Scheme member will be £74.