HC Deb 12 July 1999 vol 335 cc63-4W
Mr. Martlew

To ask the Secretary of State for Social Security when he expects to receive the Occupational Pensions Regulatory Authority's third annual report; and if he will make a statement. [91149]

Mr. Timms

My right hon. Friend the Secretary of State has received the third report of the Occupational Pensions Regulatory Authority (OPRA). I am pleased to see that OPRA has now consolidated its position as a respected and effective regulator. I am delighted that it continues to work closely with other organisations in the pensions industry to help, and protect the interests of, members of occupational pension schemes. Copies of the report have been laid before both Houses today.

Mr. Martlew

To ask the Secretary of State for Social Security when the next stage of formal consultation on stakeholder pensions policy will commence. [91150]

Mr. Timms

The consultation paper "Stakeholder Pensions: Clearing Arrangements—The Government Proposals" is published today. This is the third in a series of consultation papers on stakeholder pensions and further consultation papers will be issued in the coming weeks.

Copies of the consultation paper have been placed in the Library and are available in the Vote Office.

Mr. Field

To ask the Secretary of State for Social Security if he will estimate(a) the cost and (b) the effect on the distribution of pensioners aged over 80 years by each income quintile for the population as a whole, of raising the level of basic state pension by (i) £5, (ii) £10 and (iii) £15 per week for this age group. [90249]

Mr. Timms

The answer to part(a) is provided in the table. Reliable estimates, of the effects of such changes on the distribution of pensioners aged over 80 years by each income quintile of the population as a whole, are not available.

Cost of increasing basic state pension paid to pensioners aged over 80
£ million
£5 350
£10 720
£15 1,130

Notes:

1. Estimates for Retirement Pension have been provided by the Government Actuary's Department.

2. Means-tested benefit offsets have been estimated using the 1999–2000 Income Support Simulation Model and the 1996–97 Family Resources Survey.

3. Estimates are consistent with the Departmental Report, are in current prices and benefit rates, and are rounded to the nearest £10 million.