§ 32. Ms StuartTo ask the Secretary of State for Work and Pensions how many stakeholder pensions have been taken out on behalf of under 18-year-olds. [19173]
§ Mr. McCartney491,694 stakeholder pensions had been sold by the end of October 2001. Information on how many of those were taken out on behalf of under 18-year-olds is not yet available.
In its recent press release on 3 December the Association of British Insurers said
we should remember that stakeholder pensions are not the only story. Charges on group personal pensions have fallen as a result of stakeholder pensions, and employers have also widened their eligibility criteria for existing schemes. This means more people are able to save for their retirement— an aim shared by the Government and ABI.
§ 34. Mr. Laurence RobertsonTo ask the Secretary of State for Work and Pensions if he will make a statement on the take-up of stakeholder pensions. [19175]
§ Mr. McCartneyFigures from the Association of British Insurers (ABI) show that up to the end of October 491,694 stakeholder pensions had been sold. A more detailed breakdown of these figures will not be available until next year, but I consider that sales of almost half a million in the first seven months on the market is a very encouraging start. In addition, the ABI figures show 284,821 employers had designated stakeholder pension schemes for their staff.
In releasing these sales figures the ABI said
Stakeholder pension providers have worked hard to encourage employers to designate stakeholder schemes. The industry is keen to work in partnership with Government and employers in attracting more employees into employer-designated schemes. But we should remember that stakeholder pensions are not the only story. Charges on group personal pensions have fallen as a result of stakeholder pensions, and employers have widened their eligibility criteria for existing schemes. This means more people are able to save for their retirement— an aim shared by the Government and the ABI.