§ Jane GriffithsTo ask the Secretary of State for Work and Pensions if her Department will make contingency plans in the case of a shortfall in an occupational pension scheme to prevent a UK subsidiary of an overseas group abandoning the scheme and not meeting any funding shortfall. [103393]
§ Mr. McCartneyProvisions already exist to prevent companies from abandoning and not meeting any funding shortfall in occupational pension schemes. If a salary-related pension scheme is operating with tax approval, and is subject to the Minimum Funding Requirement (MFR), then a wide range of requirements
926Wlevels of take-up. There is likely to be a wide margin of error around these estimates and they should only be used to provide an indication of the likely effect.
Estimated MIG expenditure under different levels of take-up Expenditure take-up level Estimated MIG expenditure (£ billion) 100 per cent. 5.6 95 per cent. 5.3 90 per cent. 5.1 85 per cent. 4.8 Notes:
1. The assumption has been made that the take-up levels requested relate to expenditure levels and not the case load level.
2. All figures are rounded to the nearest £100 million.
3. Expenditure for 2002–03 is based on PBR 2002 forecasts.