Skip to main content

Pensions

Volume 455: debated on Wednesday 10 January 2007

To ask the Chancellor of the Exchequer how many individuals who will reach state pension age on or after 6 April 2010 have paid Class 3 national insurance contributions since (a) 25 May 2006 and (b) 30 November 2005. (112917)

Information on the numbers of individuals is not available and could be provided only at disproportionate cost.

To ask the Chancellor of the Exchequer if he will place in the Library the advice on possible changes to the qualifying conditions for receipt of a full basic state pension that was issued to individuals applying to pay Class 3 national insurance contributions (a) between 30 November 2005 and 25 May 2006 and (b) since 26 May 2006. (112918)

I refer the hon. Gentleman to the answer I gave to the hon. Member for Yeovil (Mr. Laws) on 27 November 2006, Official Report, column 353W.

To ask the Chancellor of the Exchequer if he will list each of the documents published as part of the consultation on the pensions tax simplification legislation included within the Finance Act 2004. (110327)

The Government's proposals were set out in two main consultation documents “Simplifying the taxation of pensions: increasing choice and flexibility for all” (December 2002) and “Simplifying the taxation of pensions: the Government's proposals” (December 2003). Summaries of the responses to the two consultations were published on 14 July 2003 and 25 November 2004 on the HMRC website. The proposals were also extensively discussed at a series of public consultation meetings and individual seminars and meetings with the pensions industry.

On 9 August 2004 draft Regulations, provided for under powers contained in the Finance Act 2004, were published for consultation and a document summarising the consultation responses was published on 8 March 2005. Most of the remaining regulations were published in draft but were not consulted on.

To ask the Chancellor of the Exchequer what estimate he has made of the number of alternatively secured pensions sold since 1 April. (110329)

Figures are not available, but the numbers of individuals who have entered into alternatively secured pensions (ASP) to date is likely to be small, as the ASP facility only became available on 6 April 2006 and generally only members who have reached age 75 since that date may use ASP.

In addition, pension schemes that are unable to trace a member when they reach age 75 hold their pension scheme assets as an ASP fund. Only a relatively small number of individuals are likely to be in this position.

To ask the Chancellor of the Exchequer what amendments have been made to the pension tax regime since the Finance Act 2004. (110330)

The new simplified tax regime for pension saving, which began on 6 April 2006, was originally enacted in Finance Act 2004.

Changes to the new regime were enacted under sections 101-102 and schedule 10 of the Finance Act 2005. Many of these changes provided additional flexibilities for schemes and individuals and clarified aspects of the new rules to smooth the transition from the previous to the new simplified regime. There were other changes, for example to provide for the pension protection fund to receive the same types of tax reliefs as registered pension schemes.

Changes were also made under sections 158-161 and schedules 21-23 of the Finance Act 2006, which provided additional flexibilities for pension schemes, providers and members and also dealt with other matters, for example imposing certain tax charges on some types of registered pension scheme which hold residential property or other taxable assets as investments.

To ask the Chancellor of the Exchequer what estimate he has made of the number of people who will be entitled to an alternatively secured pension. (110403)

The option to enter into an alternatively secured pension is available to a member of a registered pension scheme who has reached age 75 since 6 April 2006, without securing a pension.