§ Mr. WebbTo ask the Secretary of State for Work and Pensions if he will set out his plans for combined pension forecasts; in what sequence different groups will be issued with forecasts and over what timescale; how many forecasts he expects to issue for each group; and if he will make a statement. [166248]
§ Malcolm WicksThe combined pension forecast service gives people a projection of retirement income that brings state pension together with their current private pension. The service is delivered through employers and pension providers.
By the end of March, a total of 1.12 million Combined Pension Forecasts had been issued. To date over 700 employers and pension providers have expressed an interest in participating in the service. By the end of 2005–06 we aim to have reached 6.3 million people.
We are not targeting particular groups with the combined pension forecast service. Rather we are encouraging all employers and pension providers to participate, currently on a voluntary basis. Additionally we are seeking reserve powers in the Pensions Bill so that, should the need arise, the provision of combined pension forecasts can be made a statutory requirement of pension schemes.