§ Phil SawfordTo ask the Secretary of State for Work and Pensions, how many people in the Kettering constituency are entitled to a stakeholder pension. [73080]
§ Mr. McCartneyAnyone who meets the Inland Revenue requirements is eligible for a stakeholder pension. The main requirement is to be a UK resident under the age of 75 who is ordinarily resident in the UK. Those who are members of an employer's occupational pension scheme can also join a stakeholder pension scheme if they do not earn more than £30,000 a year and are not a controlling director. Stakeholder pensions mean that everyone now has access to a good value pension arrangement. Figures from the Association of British Insurers show that nationally 1,011,934 stakeholder pensions had been sold by the end of June 2002 and 330,296 employers have given their workforces access to a stakeholder pension through designating a stakeholder scheme.
Stakeholder pensions are helping to increase the size of the overall pensions market. They have driven down charges on other types of personal pension. Some employers have widened access to their occupational pension schemes and other employers have set up group personal pensions with an employer contribution.
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