§ Mr. LetwinTo ask the President of the Council if the pension scheme for hon. Members will benefit from special arrangements vis-à-vis transferring out of Equitable Life. [28851]
§ Mr. Robin CookEquitable Life is one of the providers appointed to provide an Additional Voluntary Contribution (AVC) facility for members of the Parliamentary Contributory Pension Fund (PCPF). This appointment is made and overseen by the Trustees of the PCPF. I understand that the Trustees have sought clarification from Equitable Life of the terms that will apply if members wish to transfer their funds out of the with-profits fund. The Trustees expect shortly to advise members of the terms offered, so that they can decide whether or not to transfer their funds.