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Pensions

Volume 403: debated on Tuesday 8 April 2003

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To ask the Secretary of State for Trade and Industry if she will list the (a) funded and (b) unfunded public sector pension schemes for which her Department, its agencies and its non-departmental public bodies are responsible; when the last actuarial valuation was of each scheme; what the value was of the assets at the last actuarial valuation of each scheme; what deficit is disclosed by the last actuarial valuation of each scheme; and if she will make a statement. [104921]

The Department, its agencies, and most of its non-department public bodies (NDPBs) subscribe to the Principal Civil Service Pension Scheme (PCSPS). There is no participation in the management of the scheme's assets and liabilities and the Department"s, its agencies" and NDPBs" contributions to the scheme are determined by the scheme.

£ million
As at 31 March 2002
Name of pension schemeDate of last valuationNotional value of assetsLiabilitiesSurplus (deficit)
UKAEA pension schemes
The Combined Pension Scheme31 March 20004,570.82,613.01,957.8
The Principal Non-Industrial Superannuation Scheme31 March 1998545.2320.0225.2
The Protected Persons Superannuation Scheme31 March 199975.535.040.5
Research Council's pension scheme31 March 1997979.0842.0137.0

Letter from Roger Heathcote to Mr. John Bercow, dated 8 April 2003:

You tabled a question on 28 March 2003 to the Secretary of State for Trade and Industry, asking what expenditure has been incurred by her (a) Department, (b) agencies and (c) non-departmental bodies in 2002 on (i) opinion poll, (ii) focus groups and (iii) other forms of market research; and if she will list the surveys commissioned and the purpose of each. I have been asked to reply on behalf of the Employment Tribunals Service which is an Executive Agency of the DTI.

The Employment Tribunals Service has incurred no expenditure on opinion polls, focus groups or other forms of market research in 2002.

Letter from Rolande Anderson to Mr. John Bercow, dated 8 April 2003:

The Secretary of State has asked me to provide the following information in respect of the Radiocommunications Agency in response to your Parliamentary Question 2002/1955 asking her what expenditure has been incurred by her (a) Department, (b) agencies and (c) non-departmental bodies in 2002 on (i) opinion polling, (ii) focus groups and (iii) other forms of market research: and if she will list the surveys commissioned and the purpose of each.

The Radiocommunications Agency commissioned the following studies in 2002. They all fall under the category of 'other forms of market research':

Some of the regional development agencies (RDAs), NDPBs sponsored by the Department, participate in the English Partnerships Pension Scheme. Again there is no participation in the management of the scheme's assets and liabilities, the RDAs contributions to the scheme are determined by the scheme.

The Department and NDPBs also operate a number of unfunded pension schemes. There is no fund of investments for these schemes. However, the schemes are run and accounts prepared as though a fund does exist. There are notional portfolios of investments that are deemed to be similar to that of a sample of UK funded pension schemes and the notional investment return and market value are determined by reference to the average performance of such a portfolio. The schemes are subject to review by the Government Actuary's Department.

The unfunded pension schemes are as follows:

The Medical Research Council, an NDPB of the Department, operates a funded pension scheme: The Medical Research Council Pension Scheme. The scheme is subject to review by the Government Actuary's Department. The last actuarial valuation for the scheme was completed in respect of the scheme's position at 31 March 2001. At the date of the latest actuarial valuation, the market value of the assets was £596 million. There was a deficit of assets over liabilities of £12.5 million.