§ Mr. McCabeTo ask the Secretary of State for Social Security what progress his Department is making with its proposals for stakeholder pensions.[124963]
§ Mr. RookerThe Stakeholder Pension Schemes Regulations 2000 were laid on 25 May. Work is progressing for stakeholder pensions to be available from April 2001.
§ Mr. FieldTo ask the Secretary of State for Social Security (1) if he will set out the assumptions behind the predicted stakeholder pension pay-outs published by the Financial Services Authority;[126562]
(2) what is the expected monthly stakeholder pension for those contributing (a) £30 per month and (b) £40 per month consistent with Decision Tree 3 of the stakeholder discussion paper published by the Financial Services Authority.[126561]
§ Mr. RookerThe assumptions on which the illustrative pension figures are based are listed on page 14 of the discussion paper "The FSA's approach to the regulation of the conduct of stakeholder pension business" published on 23 May 2000.
The estimated monthly pension figures in decision tree three are proportionate to the level of contributions (subject to rounding). The estimated pension figures for alternative levels of contributions can therefore be calculated from the information given. For example the expected pension outcomes for a 20 year old contributing £30 a month would be £250 for retirement at 65, and £172 for retirement at 60.