§ Ms LawrenceTo ask the Chancellor of the Exchequer when he proposes to publish the consultation document on pension investment mentioned in the Pensions Green Paper (Cm. 4179). [69527]
§ Mr. MilburnThe Government have today published a consultation document, "Helping to deliver stakeholder pensions: flexibility in pension investment". Copies are678W available in the Vote Office and in the Library of the House. This takes forward the remit in the Green Paper "A new contract for welfare: partnership in pension", Cm 4179, chapter 7, paragraph 39. This contribution to the Government's pension reform strategy opens up potential for greater transparency in the pensions market which should in turn improve labour market flexibility and contribute to the strategy for improving productivity discussed in the Pre Budget Report, Cm 4076.
The financial instrument proposed in the document will be suitable for any kind of defined contribution pension: personal, occupational and, in time, stakeholder. It is not a pension in its own right. It will hold units in pooled investment schemes, making it possible for scheme members to move easily and at low cost between different kinds of pension, for example on a change of employment or a move into self employment.