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Pension Schemes (Public Corporations)

Volume 930: debated on Wednesday 27 April 1977

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asked the Secretary of State for Social Services how many public corporations have so far decided to contract their superannuation schemes out of the new State pension scheme to be established next year; and what number of employees it is therefore estimated will so far be effectively contracted out.

I am advised by the Occupational Pensions Board that one public corporation has so far made an election to contract out, covering 209,000 employees. My hon. Friend will appreciate that before an election can be made employers have to consult their recognised trade unions and give three months' notice to their employees of their intention to contract out.