Subject Predicate Object
bMbWkmxw
a
Resource
Answer
Written answer
answer has question
ybbq909V
answer has answering person
Andrew David Smith
answer text
Mr. Willetts: To ask the Chancellor of the Exchequer, pursuant to his answer of 6 December 1999, Official Report, column 448W, if hewill provide a breakdown of receipts in respect of public service employees mis-sold personal pensions being reinstated into publicservice pension schemes, including the (a) number of employees involved, (b) public sector schemes of which they were members and(c) average payment. [102815]Mr. Andrew Smith: The estimates given in my earlier answer, of receipts of £100 million to 160 million in this financial year andeach of the following three financial years, were global estimates as detailed forecasting would not be productive given theuncertainties about the number of cases of mis-selling which Phase 2 of the review will identify, how restitution will be made andhow fast cases will be dealt with. Receipts relating to reinstatements, mainly from Phase 1 of the review, in the current financialyear are now expected to be approximately £195 million, bringing cumulative receipts up to the end of 1999-2000 to about £850million. The latest estimate of receipts in the following three years is £100 million to 200 million a year. This is based on anexpectation of receipts of about £95 million next year from schemes other than the NHS, with no certainty about the level ofreceipts thereafter. In addition, it is estimated that the NHS Pensions Scheme will receive about £300 million in respect of Phase 2cases, based on an expectation that some 50,000 cases will require reinstatement to the NHS Pensions Scheme at an average cost of£6,000 each. The NHS Phase 2 receipts are assumed to be spread evenly over the next three years.
answer given date
answer has answering body
HM Treasury
written answer has answering body
HM Treasury
HM Treasury
answering body has written answer
bMbWkmxw
answering body has answer
bMbWkmxw
ybbq909V
question has answer
bMbWkmxw
Andrew David Smith
answering person has answer
bMbWkmxw