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 | ||
Year | Numbers entering a private pension scheme1 | Numbers transferring from a private pension to SERPS at year end1 2 |
1987–88 | — | 3,200 |
1988–89 | 3,428,300 | 25,400 |
1989–90 | 925,600 | 22,100 |
1990–91 | 650,200 | 26,400 |
1991–92 | 543,100 | 29,800 |
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 | ||||
Year | Year paid in respect of | Amount of rebate (£ million) | Amount of incentive (£ million) | Year end NI fund reserves (£ million) |
1987–88 | — | — | — | 7,288 |
1988–89 | — | — | — | 10,369 |
1989–90 | 1987–88 | 792 | 346 | 10,307 |
1988–89 | 1,074 | 370 | — | |
1990–91 | 1989–90 | 1,455 | 506 | 11,792 |
11988–89 | 15 | 4 | — | |
1991–92 | 1990–91 | 1,734 | 583 | 8,333 |
11989–90 | 34 | 10 | — | |
1992–93 | 1991–92 | 1,849 | 616 | 3,677 |
11990–91 | 45 | 12 | Estimated | |
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.