HC Deb 10 December 2001 vol 376 cc606-7W
29. Chris Grayling

To ask the Secretary of State for Work and Pensions if he will make a statement on changes in the availability of final salary pension schemes. [19170]

Mr. McCartney

The Government recognise the valuable role that final salary schemes play in providing security in retirement. They also recognise, however, that employers provide occupational schemes on a voluntary basis and consequently it is for them to determine the most appropriate pension provision to suit their business needs. We welcome the broadening by occupational pension schemes of their eligibility criteria in response to the introduction of stakeholder pensions.

The stakeholder pension has helped increase the size of the overall pensions market. The value of new pension sales rose by 9 per cent. in the July to September quarter of this year to £2.8 billion. Regular pension premium business rose by 50 per cent. to £584 million compared with the same period last year.

There is also evidence of sustained growth in the amounts contributed to non-state pensions from £50 billion in 1997 to £69 billion in 2000.

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