§ Mr. MacleanTo ask the Chancellor of the Exchequer what estimate he has made of the number of(a) personal pension plans and (b) occupational pension schemes which will be affected by the abolition of ACT credits. [70684]
§ Dawn Primarolo[holding answer 15 February 1999]Most pension providers receive dividends from UK companies. To remove a distortion, which encouraged payment of dividends rather than retention of profits for investment, payable tax credits on those dividends were abolished in July 1997.
§ Mr. FieldTo ask the Chancellor of the Exchequer if he will estimate the number of people who(a) were originally mis-sold personal pensions and (b) had reached a satisfactory settlement in respect of their pension entitlement (i) by 1 May 1997 and (ii) at the latest available date. [71557]
§ Ms HewittThe number of people mis-sold personal pensions will not be known until the review is completed. The priority review identified a population of approximately 685,000. At 1 May 1997, the regulators' published figures showed about 15 per cent. of these case reviews had been completed. The latest figures for 30 November 1998 showed 91 per cent. of priority reviews completed.