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Pensions

Volume 451: debated on Monday 30 October 2006

To ask the Secretary of State for Work and Pensions (1) whether new infrastructure associated with the proposed system of personal accounts will be financed (a) by the public sector, (b) by the private sector with no comfort letters or guarantees from the Government and (c) by the private sector but with comfort letters or guarantees from the Government; (90455)

(2) to what extent the cost of setting up the proposed new system of personal accounts will be met by savers through the annual management charge; and whether part of the cost will be met by the Exchequer.

We are currently undertaking work to consider funding structures of personal accounts and will bring forward proposals in due course.