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Private Pensions

Volume 229: debated on Wednesday 21 July 1993

The text on this page has been created from Hansard archive content, it may contain typographical errors.

To ask the Secretary of State for Social Security if he will publish a table showing the number of private pension plans taken out each year since 1988 with the benefit of the national insurance rebate incentive; what was the cost of the incentive rebate in each year; what were the year-end total reserves of the national insurance fund beginning at 31 March 1988; how many contributors left and joined the state earnings-related pensions scheme in each year; and what was the total number of private pension plans with a rebate outstanding at the end of each year.

[holding answer 19 July 1993]: Information is not available in the form requested. Such information as is available is in the tables.

Table 1 United Kingdom
YearNumbers entering a private pension scheme1Numbers transferring from a private pension to SERPS at year end1 2
1987–883,200
1988–893,428,30025,400
1989–90925,60022,100
1990–91650,20026,400
1991–92543,10029,800
1Source: 1 per cent, sample of National Insurance contribution records.
2 Figures relate to any Private Pension holder transferring to SERPS at year end, regardless of entry.
Table 2 Great Britain
YearYear paid in respect ofAmount of rebate (£ million)Amount of incentive (£ million)Year end NI fund reserves (£ million)
1987–887,288
1988–8910,369
1989–901987–8879234610,307
1988–891,074370
1990–911989–901,45550611,792
11988–89154
1991–921990–911,7345838,333
11989–903410
1992–931991–921,8496163,677
11990–914512Estimated
1 And earlier.

Source: Government Actuary's Department.

Note: Because of the different bases on which the estimates are based the information in Table 2 is not comparable with That in Table 1.